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Friday, 15 May 2009

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Regulators reduce fees, shares move up

Stocks at the Colombo Stock Exchange ended the day positive yesterday with the ASPI gaining 14 points (0.8 percent) to close at 1,884. The MPI, which tracks the most liquid stocks, gained 29 points (+1.5 percent) to close at 2,042.

The turnover of Rs 174 million for the day was boosted by Commercial Bank which saw two crossings of 417,400 shares each at Rs 94.75.

In a market friendly move, the regulatory bodies reduced the fees charged by them on deals over Rs 100 million by 50 percent. Effective from May 15, the new fees applicable by the SEC, CSE and CDS are as follows; SEC Cess reduced from 0.09 percent to 0.045 percent. The CSE fees from 0.105 percent to 0.0525 percent and the CDS fees from 0.03 percent to 0.015 percent.

The Government cess on share transactions will remain unchanged at 0.2 percent. Previously the brokerage house was free to negotiate rates for deals in excess of Rs 100 million with no minimum rate, which has now been changed to a minimum rate of 0.1percent.

Source: First Guardian Equities

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