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| Wednesday, 16 February 2005 |
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CSE to expand services to domestic investors The Colombo Stock Exchange (CSE) opened its third branch office in Kurunegala on Monday. Eraj Wijesinghe, Chairman of the CSE opened the branch office, situated at No 06 Rajaphilla Road Kurunegala.
The opening of branch offices is in line with the CSE's strategy to expand its services throughout the country to service the growing base of domestic investors. The main objective of opening branches is to take the stock market to areas other than Colombo, and to create a share owning democracy in Sri Lanka. The Kurunegala Branch will provide investors of the Wayamba Province similar access to the market as those in Colombo. This Branch provides on line access to the stock market and offers a range of stock broker services which include order acceptance and on line order execution, Investment advice, Pre trade and post trade documentation such as account opening, deposits and withdrawals, research and other related stock broker services. There are six member firms attached to the CSE Kurunegala branch. They are Asha Phillip Securities Ltd, Asia Securities (Pvt) Ltd, Bartleet Mallory Stockbrokers (Pvt) Ltd, Ceylinco Stockbrokers (Pvt) Ltd, DP Global Securities (Pvt) Ltd, HNB Stockbrokers (Pvt) Ltd. CSE opened its first branch in 1999 in Matara and the second branch office in Kandy in 2003. The branch concept has been a success story for the CSE with Matara and Kandy branches contributing more than 15% of the total turnover for 2004. Branch offices of the CSE provide an excellent opportunity for residents of those provinces to invest and profit through the stock market. The CSE conducts educational and awareness programs on investing in the stock market on a regular basis at branch offices, where members of the public can participate free of any cost. The awareness activities are focused on the aspects of investing in the stock market, importance of managing risk, the operations of the stock market, basics on how to invest in the stock market, investor protection and market regulation, how to evaluate and select stocks and the importance of understanding and interpreting annual reports. A large number of retail investors have entered into the stock market due to the expansion of the CSE to regions and currently local investors account for approximately 80% of the total turnover. This is a reversal of the composition of investors from that of the 1993-1994 period, when nearly 70% of the total turnover originated through foreign investors. Local investors have been the driving force behind the record breaking performance of the CSE in recent times. The CSE has been one of the best performing markets in the world since 2001. The CSE has recorded more than 30% growth each year since 2001. The growth in 2004 was 41%. |
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