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| Tuesday, 20 May 2003 |
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CSE goes for debt trading mid June By Ravi Ladduwahetty The Colombo Stock Exchange (CSE) will commence trading of debt instruments by mid June, giving Sri Lanka's capital markets an added dimension. The Exchange will have its debt trading mechanisms ready by mid June which will have all three debt instruments such as Corporate Debt, equity and Government Securities, CSE Director General Hiran Mendis told the Daily News yesterday. Mendis said that all debt instruments will be traded in the exchange such as Treasury Bonds, Corporate Bonds and others barring commercial papers which is currently having some legal implications. The systems will be a sophisticated on-line exposure monitoring of transactions which will be delivery versus payment, which will mean that the settlement will be effective only on the payment of cash and the CSE believes that this development will make huge inroads into the debt market, Mendis said. Chairman of the Stock Brokers' Association and General Manager/CEO of HNB Stock Brokers (Pvt) Ltd Deva Ellepola said that the trading of debt will add value to the exchange which will also see the addition of options to the investors such as Corporate Equity, Corporate Bonds and Government Bonds. He said that the proposal will also add liquidity to Primary Dealers as their stakes are high in Treasury Bills and Bonds. Indices up Meanwhile, trading at the exchange commenced only at 10.45 am yesterday following a communication network problem, an Exchange spokesman said. Only Rs. 43 million worth of shares were traded yesterday which was dominated by 240,000 John Keells Holdings shares which accounted for Rs. 21 million. Of this, Rs. 10 million was foreign buying. The share traded between Rs. 87 and Rs. 88.25. The second was Aitken Spence which saw Rs. 7.8 million worth of shares being traded of which Rs. 7.2 million worth shares was bought by foreigners. Rs. 4.7 million worth NDB shares were also sold where Rs. 1 million worth shares were bought by foreigners. The All Share Price Index rose 0.37 points to 845.22 while the Milanka Price Index rose 2.5 points to 1480.7 points. |
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