Sri Lankan stocks dipped yesterday to a more-than seven-week low as most investors waited on the sidelines ahead of the announcement of 2013 budget, while the rupee fell on importer dollar demand, dealers said.
The genuine investors and independent minority shareholders (IMS) were rudely surprised and shocked by the recent relaxation of rules on broker credit and restrictions on broker dealings by the Securities and Exchange Commission (SEC), a longstanding minority shareholder activist in the country said.
The removal of credit restrictions by the Securities and Exchange Commission (SEC), effectively providing brokers with the facility to extend more credit, met with strong positive and negative feedback from market analysts on both sides of the issue.
The Securities and Exchange Commission (SEC) yesterday decided to significantly relax rules on broker credit and restrictions on short-term trading by directors and workers of stockbroking companies.
Sri Lankan stocks ended weaker for a fourth straight session yesterday on profit taking in hotel shares while the rupee edged up on dollar sales by a staterun bank.
Sri Lankan stocks ended weaker yesterday for a second straight session as investors booked profits from an overbought market, while the rupee slipped from a more than four-month high.
Sri Lankan stocks ended slightly firmer yesterday as investors picked up banking and diversified shares while block deals pushed turnovers to an eight-month high, dealers said, while the rupee firmed as banks sold dollars.
The Securities and Exchange Commission of Sri Lanka has issued a consultation paper aimed at tightening regulations pertaining to disclosures and governance in related party transactions.
Sri Lankan stocks fell 1.4 percent yesterday as investors booked profits across the board in an overbought market after a 15-session rally.
Sri Lankan stocks fell 1 percent yesterday from an eight-month high, snapping a four-day gaining streak as investors booked profits across the board.
The appointment of Dr.Nalaka Godahewa as the Securities and Exchange Commission Chairman seems to have been able to cast out all the grievances the stockbrokers have had, even perhaps to the utter surprise of Godahewa himself.
Market manipulation would make the Colombo Stock Exchange (CSE) the number one performing stock market in the world soon, UNP National List MP Dr. Harsha De Silva said yesterday.
The statistics by Bloomberg yesterday showed that the Colombo Stock Exchange (CSE) had become the third best performing market in the world during the period from August 10, 2012 to September 10, 2012.
Three-wheeler registrations dropped sharply from 13,753 registrations recorded last year to 4,340, while motor cycles decreased by 46.3% to 12,181.
Sri Lankan stocks extended gains for a 10th straight session yesterday, jumping 1.73 percent to a seven-month high in strong volume led by blue chips.
Transparency International Sri Lanka (TISL) yesterday called upon the government to take necessary actions to resolve the present situation at the Securities and Exchange Commission (SEC) in a manner that will not negatively impact on market confidence.
United National Party (UNP) MP and economist Dr. Harsha de Silva yesterday lashed out at the new Securities and Exchange Commission (SEC) Chairman and Commissioner Priyantha Fernando, on grounds of conflict of interest.
Sri Lankan stocks yesterday rose 1.2 percent to their highest close since June 20, which dealers said stemmed largely from foreign buying of heavyweight John Keells Holdings.
It is widely speculated that Sri Lanka Tourism Development Authority (SLTDA) Chief Dr. Nalaka Godahewa will be appointed as the Securities and Exchange Commission’s (SEC) new Chairman, following the contentious resignation of Tilak Karunaratne.
Sri Lankan stocks jumped more than 1.6 percent to a two-month high yesterday with foreign investors net buyers for a 23rd straight day as financials led the field.
Some may call it a triumph of the evil and others a victory against tyranny. But all will depend on how the market will respond to the news in the coming few weeks and months to the news of Securities and Exchange Commission (SEC) Chairman Thilak Karunaratne's resignation last Friday.
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