Thursday, April 29, 2010

Jaffna becomes stocks savvy - Six brokering firms to help investors:

Charumini DE SILVA

Jaffna investors are keen on investing in banking, tourism, manufacturing and plantation stocks, stock broking companies in Jaffna said.
SEC Director-General Channa de Silva     CSE Chairman Nihal Fonseka

Speaking to Daily News Business SKM Lanka Holdings Operations Director, Manjula Kumarasinghe said around 10 new Central Depository System (CDS) accounts were opened on the first day of CSE Jaffna branch operations.

CSE Jaffna branch commenced operations last Tuesday at Hospital Street, Jaffna.

“Investors are keen on getting a higher return for their investments compared to the returns that they get from the banks. The investor profiles will improve gradually with the market becoming more active,” he said.

They are keen on investing on banking, tourism manufacturing and plantation stocks, he said.

Bartleet Mallory Stockbrokers Managing Director R. Muralidaran told Daily News Business that over 30 new CDS accounts were opened and the response received from the investors was commendable during the first day of trading at the Jaffna CSE.

Securities and Exchange Commission (SEC) Director General, Channa de Silva told Daily News that the commencement of CSE Jaffna branch was important. He expects it will contribute to the CSE turnover in a significant manner.

He said out of the seven stock brokering companies, six commenced operations at the Jaffna branch. The opening of this branch was successful. The stock brokering companies which started operations have recruited qualified employees from Jaffna and it is an encouraging indication about employment opportunities created through the opening of the CSE Jaffna branch. The market is growing and SEC expects more stock broking firms will also join, de Silva said.

The Director General said the response they received from Jaffna people for the seminars that were conducted was good. More awareness programs about the stock market will be conducted with the support of the Jaffna University.

The commencement of these stock brokering companies is an encouraging factor in interest and the growing potential it offers. “We hope new businesses will emerge from Jaffna and will get listed too,” de Silva said.

Colombo Stock Exchange (CSE) Chairman Nihal Fonseka said the Government, SEC and CSE are very keen that the people of the Northern province will get the chance to share the peace dividend, with much more benefits expected to accrue in the future.

Six stockbroker firms Bartleet Mallory Stockbrokers, Asha Phillip Securities, Lanka Securities, Capital TRUST Securities, SKM Lanka Holdings and SMB Securities commenced operations at the CSE Jaffna branch.

These firms offer clients access to online trading, real-time market information, research reports and investment advice.

The CSE branch in Jaffna will also be instrumental in conducting continuous educational programs in the region to equip investors in Jaffna and the Northern Province with the necessary knowledge to participate actively and prudently in share trading.

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