Sri Lanka stock exchange invites public comments on new rules

ECONOMYNEXT – Sri Lanka’s stock exchange has called for public comments on changes to its listing rules aimed at strengthening the enforcement action applicable for non-compliance.

The Colombo Stock Exchange said several continuous listing requirements are being revised.

These cover corporate governance, timelines for submission of interim financial statements and annual reports, submission of audited financial statements containing modified audit opinions and emphasis of matters of ongoing concern, related party transactions, and minimum public holding requirements.

“By further strengthening the enforcement action relating to Listing Rules, the CSE intends to establish a framework to monitor compliance by Listed Companies with the CSE Listing Rules, and to enhance the quality and timeliness of disclosure of information,” it said.

The CSE invited the views of the public and the stakeholders of the CSE, including listed companies, on the proposed amendments to the listing rules by 28th April 2017.

Sri Lankan shares post biggest single-day gain in over two years on foreign buying

Reuters: Sri Lankan shares extended gains for an eleventh straight session, posting their biggest single-day gain in more than two years, as foreign investors aggressively bought blue chip stocks.

The Colombo stock index ended 1.55 percent firmer at 6,402.99, its highest close since Nov. 15, 2016. The index recorded its biggest percentage gain since Feb. 6, 2015.

The index has gained 1.75 percent during the week, posting its third weekly gain in eight. It has climbed 7.16 percent in the last 11 sessions through Wednesday.

The market has seen fund inflows for 16 straight sessions through Wednesday, with foreign investors buying a net 5.22 billion rupees ($34.31 million) worth of equities in the same period.

They net bought shares worth 319 million rupees on Wednesday, raising the year-to-date net foreign inflow into equities to 7.71 billion rupees.

"Continuous foreign buying in John Keells Holdings and Ceylon Tobacco Company helped the gain," said Atchuthan Srirangan, a senior research analyst with First Capital Holdings PLC.

Shares of Ceylon Tobacco Company plc jumped 9.8 percent, while Ceylon Cold Stores Plc gained 2.87 percent and biggest listed Lender Commercial Bank of Ceylon Plc rose 2.66 percent and conglomerate John Keells Holdings Plc rose 1.33 percent.

Turnover stood at 2.37 billion rupees, the highest since Feb. 28 and well above this year's daily average of 780.7 million rupees.

Sri Lanka will celebrate its traditional new year this week and the markets will be closed on Thursday and Friday. 

($1 = 152.1300 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan)