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Wednesday, 1 December 2010

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Market bounce back

The SEC has directed the CSE and CDS to mandate the lodging of certificates pertaining to all listed securities at the Central Depository Systems and thereby implement a system of dematerialization for all listed securities. Under this securities of new listing will be in de-mat from January 1 next year and securities of all existing listing entities which obtain listed status before January 1, 2011 to be in dematerialized from within a transitional period of one year from January 1, 2011 and to give prior notice to the existing listed entities of the said requirement.

The market saw a turnaround yesterday with the ASPI moving up close to about 200 points.

Speaking to the Daily News Business Securities and Exchange Commission (SEC) Director General Malik Cader said the market is in the upward trend and the momentum will continue.

He said the SEC extended the dead line on clearing debt as they have noticed a high position of debtors. This will give the investors sometime to settle their debts. However, SEC will soon have a deliberation with the stockbrokers and will setup a concrete mechanism to have a smooth functioning of the capital market.

“Yesterday the market rose as there were around Rs 2.5 billion strategic parcel transactions. The Laugf Gas has also refunded its Initial Public Offering (IPO) funds last week and it has provoked the activities in the secondary market again.

Thus, the market will have a positive trend within the next couple of days as there are funds moving in,” Cader said.

Every time when there is a good IPO the secondary market shows a downward trend. The main reason for this is that the investors sell their shares at secondary market and buy shares from the primary market as the capital gain in the primary market is much higher.

He said 44 percent of the CSE turnover is from the domestic retail investors. Most of these investors applied for Laugfs IPO however due to the new regulations of the SEC the investors did not have sufficient funds to be active in the market. This was one of the reasons for the recent market dip. However, with Laugf starting to reimburse the balance sum of money to the investors, the market has shown an upbeat trend again.

According to BMS Daily Report the benchmark ASPI climbed 177.84 points (2.84 percent) to close at 6434.85 points yesterday while the MPI jumped 170.37 points (2.50 percent) to end the day at 6988.54 points.

Both retail and institutional buying was evident yesterday, with most of yesterday’s revenue was generated by key block deals that occurred across the board.

Foreign investor buying overran selling, generating a net foreign inflow of Rs 231.8 million.Price gainers came under limelight with 202 seeing appreciations while only 21 dipping in prices.

Turnover for the day was Rs 4.8 billion. CdeS

 

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