Tue, 14 May 2024 Today's Paper

Manipulation to make CSE best performing market soon - Harsha

By

14 September 2012 02:44 am - 2     - {{hitsCtrl.values.hits}}

A A A

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.

He made this statement referring to reports where statistics have showed CSE as the third best sock market in the world.

The statistics by Bloomberg showed that the CSE’s All Share Price Index had become the third best performing index in the world during the period from August 10, 2012 to September 10, 2012.

Dr. De Silva said anything would be possible when those who manipulate the CSE are controlling the Securities Exchange Commission (SEC) which governs the stock market.

“Don’t be surprised if the CSE becomes the number one stock market in a few days time, as all obstacles for market manipulation had been cleared,” he said.

Since the controversial resignation of the former Securities and Exchange Commission Chairman, Tilak Karunaratne on August 12, the market has been on an upswing with market players expecting lenient and market-friendly regulations from the new Chairman Dr. Nalaka Godahewa.

According to independent analysts, Dr.Godahewa has a strong case of ‘conflict of interest’ against him, being the Chairman of a listed firm.

Unlike his predecessor who said she was resigning to ‘uphold her principles’, Karunaratne went on record that he was under pressure to resign by a group of powerful investors, as he was trying to reopen certain investigations pertaining to market misconduct that had been put in the backburner.

Since the appointment of Dr.Godahewa on August 24, the main All Share Price Index (ASI) has risen over 13 percent amidst retail and high net worth interest. Yet, strangely enough, since his appointment there has neither been any revision in SEC regulations nor to the macro economic fundamentals of the country.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 2

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka
  • molligoda Saturday, 15 September 2012 09:06 AM

    What is wrong with this man whose party will not come to power for the next 30 years? How does it affect him if the CSE becomes world best stock market? Wouldn't that encourage more and more investment in Sri Lanka? Is he trying to tell us that other countries around the world do not resort to such tactics? He has forgotten too soon the episode involving Raj Rajaratnam in NY.

    Rafi Saturday, 15 September 2012 06:59 PM

    If it is manipulation why there is huge foreign inflows to the market. This man doesn't know the market cycle. Every market rebounds after huge sell off..


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka