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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.

Although certain investors and a section of the stockbroking community were seen toasting the impending resignation of Securities and Exchange Commission (SEC) Chairman, Tilak Karunaratne on Tuesday and Wednesday by sending market indices up, the market dipped yesterday with thin volumes and poor turnover.

Securities and Exchange Commission Chairman Tilak Karunaratne was forced to resign when he was about to take action against the wrongdoers as per the SEC Act, UNP National List MP Dr. Harsha De Silva charged yesterday.

The head of Sri Lanka’s Securities and Exchange Commission (SEC) yesterday said he was coming under immense pressure to resign on false accusations by some investors under investigation for “pump - and - dump” deals.

In spite of the commendation the Securities and Exchange Commission (SEC) Chief Tilak Karunaratne received from the Committee of Public Enterprises (COPE) last week for ‘excellent performance’, the regulator is believed to be under extreme pressure, which may eventually lead to his stepping down, Mirror Business reliably learns.

The Securities and Exchange Commission (SEC) Chairman Tilak Karunarante had insisted on independence when SEC appeared before the Committee on Public Enterprises (COPE) yesterday, Mirror Business learns.

REUTERS: Sri Lankan stocks rose to a five-week high yesterday on hopes the government will act to revive trading on an exchange that has fallen 18 percent so far this year. Markets were closed on Wednesday for a public holiday.

HONG KONG (AFP) - Asian markets mostly rose Thursday following upbeat earnings results in the region and the United States, while eurozone fears eased slightly on hopes over the funding of future bailouts.

ODEL PLC yesterday announced a significant change of ownership, with Parkson Retail Asia Limited, a Malaysia based department store chain, agreeing to purchase a 41.82 per cent stake in the company for Rs 1.424 billion.

Treasury Secretary Dr. P.B. Jayasundara’s meeting with the SEC Commissioners and the CSE board members yesterday ended up with a consensus to work towards practical solutions to boost the ailing Colombo bourse, Mirror Business learns.

For the third successive day, the Colombo bourse continued to slide as main indices ended in the red despite improved turnover levels and share volumes when compared with Monday.

The recent US$ 1 billion sovereign bond sold by Sri Lanka would potentially ease pressure on interest rates and stabilize the exchange rate despite an increase in the foreign debt position of the country, a report by a brokerage said.

The hype about the outcome of the meeting President Mahinda Rajapaksa had with the market stakeholders at the request of certain stockbrokers and high net worth investors couldn’t boost the Colombo bourse yesterday, as all three market indices ended in the red.

The absence of positive sentiment in the Colombo bourse has made retail investors to shy away from the market, the Colombo Stock Brokers Association (CSBA) President, Sriyan Gurusinghe said.