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Sri Lanka stock market ends 2009 up 128 percent
Thursday, 31 December 2009 - 2:41 PM SL Time
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The Sri Lankan stock exchange more than doubled in value in 2009, figures showed Wednesday on the last day of trading for the year.
Investors sent the Colombo market soaring on the prospect of peace and investment after the government claimed victory over separatist Tiger rebels in May after 37 years of bloodshed, analysts say.
`The end of the conflict is a key factor driving the market,` said Saminda Weerasinghe, manager of research at the Acuity Securities brokerage. `The market is going up through local buying pressure.`
The All Share Price index hit 3,385.55 at the end of trading Wednesday compared to the opening level of 1,484.55 at the beginning of the year, Colombo Stock Exchange figures showed -- a rise of 128 percent.
The market is closed on Thursday for a Buddhist holiday.
The tiny stock market, which had a car bomb explode at its doorstep in 1997, has emerged as one of Asia`s best performers.
Mahesh Peiris, a director at Asia Securities, said local investors were banking on better times, particularly in the hotel sector.
`What we are currently seeing is people running on the hope-factor,` Peiris said. `They are not paying much attention to the fundamentals.`
Government forces wiped out the leadership of the rebel Liberation Tigers of Tamil Eelam (LTTE) in May this year.
The LTTE took up arms in 1972, five years before the country ended a socialist-style system to become the first in South Asia to embrace a free-market economy.
Tourism and infrastructure-related stocks have been doing well on the back of expectations that more foreign holiday makers will visit the island, which is also set to rebuild its war-ravaged northeast.
The market saw a 41.57 percent decline during 2008 when government forces and separatists were locked in what seemed an unwinnable war, but as troops gained ground early this year, investor sentiment changed.
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raigamakolla
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 31 Dec 2009 08:50:30 GMT Report for Abuse
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[[Investor confidence in the common candiate winning the next election has resulted in Colombo bourser closing on a positive note. The same sentiments were shown when the common canditate (the then army commander, SF) won the war in May. The country is poised to acclarate its economic growth significantly if the outcome of the next Presidential election is to produce the much needed change in the system of government and administration which no party candidate has been able to accomplish. ]
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BitterTruth
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 31 Dec 2009 09:16:07 GMT Report for Abuse
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Court orders Rajapaksa relative to return Ceylinco Investment Company shares back to Lalith Kotelawaela
2009-12-25 | 9.45 PM
Chairman, Merchant Bank of Sri Lanka, Janaka Ratnayake, who is a relative of the President, has been ordered by court to return the shares of Ceylinco Investment Company he forcibly acquired back to the Company s Chairman, Lalith Kotelawela.
Janaka Ratnayake had used his connections to the President to buy the 39% of Ceylinco Investment Company s shares owned by Kotelawela. Through such moves, Ratnayake managed to indirectly take charge of Ceylinco Invetsments and the Fingara Town and Country Club, which provides food to Temple Trees.
This transaction had taken place when the Golden Key case was being heard in court. Although Kotelawala s 39% shares in Ceylinco Investments was not included in the case, it was later included when depositors informed court of its existence. The court had then ordered the 39% of Ceylinco Investment shares be returned to the Company. |
AMIGO
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 31 Dec 2009 09:34:26 GMT Report for Abuse
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Court orders Rajapaksa relative to return Ceylinco Investment Company shares back to Lalith Kotelawaela
Damn!! i wish i was his relative too :o(
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BitterTruth
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31 Dec 2009 09:44:38 GMT Report for Abuse
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AMIGO
Colombo stock exchange listed Merchant bank purchased 46 percent stake of Ceylinco Investments which is the largest shareholder at The Finance .
Controversially Merchant Bank chairman Janaka Ratnavake also took an equal stake in Ceylinco Investments. He now runs The Finance in his dual rose as Merchant Bank s head and the largest individual shareholder of Ceylinco Investment.
Analysts say Ratnayake s actions, by cutting a personal deal for himself, is a breach of trust to the public office he holds as Merchant Bank of Sri Lanka Chairman.
These were some of the issues LBR wanted to discuss with him during an interview.
He however, was only willing to talk on condition his personal investment in Ceylinco Investment the controlling firm of The Finance, is not discussed.
- http://www.lbr.lk/fullstory.php?newsID=20091105145217&no_view=1&SEARCH_TERM=3 |
tann
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 31 Dec 2009 09:54:41 GMT Report for Abuse
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| When money is the first consideration, corruption of thought will follow. It's natural! |
rswkv
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 31 Dec 2009 10:00:08 GMT Report for Abuse
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M n co is eating the country now after rescuing it by the collective efforts of all.
One of my friend who is an senior engineer in SLT says it is completely under political influence. Its government appointed chairman runs the show bypassing all ethical manners. Promotions are no longer available for talented or seniors but for political henchman or backers. Earlier politicians never interrupted procedures related to technical/Engineering staff. But M n Co has made an history.
It is only a matter of time M n Co acquire this once a mighty organization too and make it a family budale..
Vote the King all the Gongs.. |
BitterTruth
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31 Dec 2009 10:10:09 GMT Report for Abuse
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SriLankan Airlines employs approximately 400 staff per aircraft while the industry average is closer to 100. Severe over staffing a staff of over 5200 staff for a fleet of just 12 aircraft has left the airline bearing an exceptionally high cost per air mile flown. The company s current liabilities are Rs.25,012 million and the current assets are Rs.16,852 million, resulting in liabilities exceeding assets by Rs.8160 million. This kind of revenue picture points towards only one outcome - the airline will very probably have to close down. |
BitterTruth
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31 Dec 2009 10:18:50 GMT Report for Abuse
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Tharunyata Hetak Advertisements
This youth organisation is reportedly receiving high contributions (by way of sponsorships) from
several public institutions such as Bank of Ceylon and National Lotteries Board, both of which
fall under the purview of the President. The key officials of this youth organization are the
President s sons Namal Rajapakse (chairman) and Yoshitha Rajapakse (vice chairman). A series
of advertisements are carried out by this organization through radio and TV highlighting the
need of a strong leader for the country. Although the advertisements do not mention a name of
a candidate, it is not a secret or difficult to understand, for whom they stand for, given the direct
political affiliation of this organization with the President and his regime and the content of the
advertisements. The following data presents the number of spots retained by Tharunyata Hetak
in the main stream TV channels and the cost involved:
Number of Spots for advertisements by TV Channels
between 1st to 21st December 2009
(
No. of Spots
Channel EYE 501
Derana TV 305
ITN 908
Rupavahini 1285
SIRASA TV 301
Swarnavahini 254
Total spots - 3554
Total cost of the advertisements during this period, based on regular disclosed rate cards of the
channels, amount to Rs.84, 027,600/-. We have observed that another amount of Rs.5, 842,000/- has
been spent on radio advertisements. We note that the cost of political commercial is more than the
normal rates disclosed in the rate cards. Further there is an additional cost of production, which is not
ascertainable at present.
This raises the need to have a transparent political party funding in the country in addition to preventing
electioneering at public expenditure.
http://www.tisrilanka.org/pppr/pub/reports/Report%201%20-%20PPPR.pdf
Edited By - BitterTruth - 31 Dec 2009 10:20:36 GMT |
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31 Dec 2009 09:59:29 GMT