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Tuesday, June 28, 2011

‘RFCs would propel market growth’

Ravi Ladduwahetty

Listing of the registered finance companies would further propel the stock market and this was indeed encouraging for capital market growth, Colombo Stock Exchange Chairman Krishan Balendra told Daily News Business yesterday.

Commenting on his perceptions of so many listings this year - such as Browns Investments, Softlogic, and the Textured Jersey issue billed to open on July 7 with a host of others to follow, he said, “The CSE encourages unlisted companies to seek a listing on the bourse. This would increase the overall market cap of the CSE and improve liquidity. Companies listing on the stock exchange to raise capital in a fast growing economy is a positive development.”

He also noted that more tourism companies should list. “The tourism industry is one of the fastest growing sectors of the economy.

“The CSE would encourage more well managed companies to list and raise capital to fund their expansion and refurbishment plans,” he said.

Asked for his overall perceptions of the market in the backdrop of a war free and risk free market, he said,

“After more than 25 years of conflict that crippled the economy, we are in a period of strong economic growth and development. The private sector is likely to have new opportunities for investment and growth. In this positive environment, the Colombo bourse should offer attractive long term investment opportunities.”

Asked what he would do to promote Sri Lanka as an investment destination for Capital Markets, he said, “New initiatives such as the central counter party (CCP) and delivery versus payment (DVP) should be implemented to protect investors.

“Certain foreign portfolio funds cannot invest in the market at the moment due to the lack of guaranteed settlement.

“Other technology enhancements to improve the efficiency of the trading platform are also planned. We are also looking at more investor education programmes both locally and overseas to increase awareness of the investment opportunities that the CSE offers,” he remarked.
source - www.dailynews.lk