CSE reports second lowest turnover for 2019

Amid IMF recommendations for SEC

by Hiran H.Senewiratne

The Securities and Exchange Commission (SEC) has reportedly failed to probe suspicious trading activities in 2010 and 2011 and has now been taking steps to re-build its credibility, according to an assessment. made by the International Monetary Fund.

The Assessment has been made at the request of the SEC in furtherance of its regulatory reform initiatives. The Report recommends the need by the SEC in taking action to address apparent trading irregularities by certain high-profile market participants."At the moment, the investigation team has prioritized several re-opened matters involving trading activity in 2010–11, which was a highly volatile period for the Colombo Stock  Exchange (CSE) . "These matters had been prematurely closed without thorough investigation. "By 2015 Sri Lanka's SEC had only two investigation officers, the report said. The SEC has now taken several steps to boost its capacity and a new law is also on the way.

Amid those development  CSE reported the second lowest turnover for the year, which amounts to Rs 83.5 million. Despite the lower turnover both indices moved upwards ie All Share Price Index up by 10.12 points and S and P SL20 by 3.53 points. The lowest turnover reported in 4th January 2019 which amounts to Rs 68.8 million.

The companies that mainly contributed to day's turnover were Cheveron Lubricant Rs 12.8 million (233,000 shares traded), Seylan Bank (Non Voting) Rs 8.8 million (83000 shares traded), NDB Rs 6.8 million (78500 shares traded), Hayleys Rs 5 million (34600 shares traded), and DFCC Rs 4.7 million (69400 shares traded). During the day 7.1 million share volume changed hands in 2838 transactions. Most investors have shied away from the market since the April 21 bombings that killed more than 250 people.

Sri Lanka is unlikely to hit its full-year economic growth target of 3-4 percent   following the Easter Sunday bombings, junior finance minister Eran Wickremeratne said.

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