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Was it an error trade or alleged manipulation by seemingly disgruntled traders that brought the sensitive Milanka Price Index (MPI) that captures the movement of blue chip stocks down by 5% at Friday’s trading?
As a result the Colombo Stock Exchange (CSE) was compelled to temporarily halt trading, in a bourse which is already on a bear run made worse by President Mahinda Rajapaksa’s Monday’s Budgetary pronouncement that 37,000 hectares of land under the custody of private estate companies are lined up to be taken-over which has resulted in foreigners lining up in droves to exit from the market.
Trading resumed half-an-hour later.
Previously they were passive observers of the bourse, not buying, but after Rajapaksa’s Monday’s speech they are waiting to get out of the market, being active sellers as a result, a source told this reporter.
State controlled EPF was in the market last week, trying vainly to arrest its plunge; it bought at least one stock from the bourse on Friday, some 180,000 shares of Bukit Darah at Rs. 1,025 a share; the same price it fetched the previous day (the seller was local), contributing Rs. 184.5 million to the day’s turnover of a little over a Rs. one billion. Another significant trade that took place on Friday was 10 million shares of Ceylon Glass changing hands at Rs. 7.80 a share (same price as that of the previous day), but it’s unclear whether the buyer was EPF.
The week ended with the benchmark ASI falling by 80.99 points over that of Thursday’s close and the MPI by 92.58 (1.8%) to finish at 5,805.76 and 5,052.91 respectively.
Friday saw a pyrrhic gain in net foreign inflows amounting to Rs. 18.3 million, whereas since the beginning of this year to date it has seen a net foreign outflow (NFO) amounting to Rs. 17.3 billion, while week on week the bourse has witnessed a NFO of Rs. 400 million.
Friday’s temporary halt in trading was caused by Distilleries, where a parcel of 1,000 shares was done at the Rs. 100 level around 1.10 pm when it was “going” at the Rs. 140 level, though no trades were done at that price, which resulted in the MPI which was already down by 2% going below the 5% barrier limit. CSE said that it was an error trade, but also said that they were investigating the same.http://www.thesundayleader.lk/2011/11/27/mpi-plunges-5/
As a result the Colombo Stock Exchange (CSE) was compelled to temporarily halt trading, in a bourse which is already on a bear run made worse by President Mahinda Rajapaksa’s Monday’s Budgetary pronouncement that 37,000 hectares of land under the custody of private estate companies are lined up to be taken-over which has resulted in foreigners lining up in droves to exit from the market.
Trading resumed half-an-hour later.
Previously they were passive observers of the bourse, not buying, but after Rajapaksa’s Monday’s speech they are waiting to get out of the market, being active sellers as a result, a source told this reporter.
State controlled EPF was in the market last week, trying vainly to arrest its plunge; it bought at least one stock from the bourse on Friday, some 180,000 shares of Bukit Darah at Rs. 1,025 a share; the same price it fetched the previous day (the seller was local), contributing Rs. 184.5 million to the day’s turnover of a little over a Rs. one billion. Another significant trade that took place on Friday was 10 million shares of Ceylon Glass changing hands at Rs. 7.80 a share (same price as that of the previous day), but it’s unclear whether the buyer was EPF.
The week ended with the benchmark ASI falling by 80.99 points over that of Thursday’s close and the MPI by 92.58 (1.8%) to finish at 5,805.76 and 5,052.91 respectively.
Friday saw a pyrrhic gain in net foreign inflows amounting to Rs. 18.3 million, whereas since the beginning of this year to date it has seen a net foreign outflow (NFO) amounting to Rs. 17.3 billion, while week on week the bourse has witnessed a NFO of Rs. 400 million.
Friday’s temporary halt in trading was caused by Distilleries, where a parcel of 1,000 shares was done at the Rs. 100 level around 1.10 pm when it was “going” at the Rs. 140 level, though no trades were done at that price, which resulted in the MPI which was already down by 2% going below the 5% barrier limit. CSE said that it was an error trade, but also said that they were investigating the same.http://www.thesundayleader.lk/2011/11/27/mpi-plunges-5/
