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| Sunday, 13 October 2002 |
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| News Business Features Editorial
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New York Stock Exchange expertise for CSE by SUREKHA GALAGODA The New York Stock Exchange, the world's largest stock exchange, has agreed to offer technical expertise and share its experience with the Colombo Stock Exchange, one of the best performing stock exchanges this year. Prime Minister Ranil Wickremesinghe, during his recent visit to New York, visited the New York Stock Exchange and met its Chairman and CEO Dick Grasso who assured that they are willing to give technical support and experience as and when required by the Colombo Stock Exchange (CSE). The Prime Minister was joined by Ministers G.L. Peiris, Mahinda Samarasinghe and John Amaratunga, Chairman Board of Investment Arjuna Mahendran and Chairman CSE Ajith Gunewardena. "We can get their expertise on rules and regulations, trading guidelines and upgrading and enhancing the systems," Gunewardena told the Sunday Observer. According to the CSE monthly market report, the CSE had continued its record breaking run during September while global stock markets lost their momentum, making the month one of the worst in recent stock market history. The All Share Price Index (ASPI) and the Milanka Price Index (MPI) continued to achieve record levels during September. The ASPI opened the month at 752.1 and closed at 856.5, moving up by 104.4 points, an increase of 13.8 per cent. On September 26, the ASPI recorded a five-year high of 860.3. The MPI, which opened the month at 1,327.1, moved up by 136.8 points, an increase of 10.3 per cent, and closed at 1,463.9. The MPI, introduced in January 1999, recorded its highest ever point, 1,479.8, on September 26. The ASPI recorded a growth of 235.5 points or 37.9 per cent while the MPI increased by 432.9 points or 41.9 per cent. A total turnover of Rs 5.1 billion was recorded during the month with an average daily turnover of Rs 254.1 million. From January to September 2002, the CSE recorded a total turnover of Rs 25.1 billion, averaging Rs 141.7 million per day. During the corresponding period of 2001, the CSE recorded a total turnover of Rs 5.3 billion with an average of Rs 29.2 million per day. The CSE recorded a total turnover of Rs 14 billion for 2001 with an average daily turnover of Rs 58 million. According to the report, the market was driven mainly by local investors during September with local retail investors contributing to 47.8 per cent of the total purchases and local companies contributing 37.5 per cent. Foreign investors contributed 14.7 per cent. Foreign investors continued to be net buyers in the market for the seventh consecutive month with purchases of Rs 746.1 million and sales of Rs 469.9 million. The total net foreign inflow for the year upto September amounted to Rs 2.7 billion. The land and property sector recorded a significant growth of 71 per cent during the month while the investment trust sector moved up by 63 per cent. Footwear and textiles and Hotel and travel sectors moved up by 32 per cent and 29 per cent respectively. The report further states that since end-August, most major share indexes have lost at least 10 per cent of their value. On September 30, the Dow Jones closed at 7,591, its lowest level for four years. Asian shares traditionally less vulnerable to the swings of Wall Street have performed better than the world average in the past few weeks. |
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