Sri Lanka stocks down on reports SEC chief under pressure

COLOMBO, Aug 13 (Reuters) - The Sri Lankan stock market edged lower on Monday on media reports the head of the Securities and Exchange Commission could be forced to step down, dealers said.

After the market closed Tilak Karunaratne, chairman of the SEC, confirmed in comments to Reuters he was coming under "immense pressure to resign".

The Colombo Stock Exchange's main index fell 0.16 percent, or 7.77 points, to end at 4,846.45, its lowest since July 18.

Stock brokers and dealers said the move, if true would dampen an already underperforming bourse which has fallen 20.2 percent so far this year.

"You just can't change the SEC chairman as and when you wish," said a stockbroker on condition of anonymity. "If that happens investors will loses confidence further."

In December the previous head of the SEC resigned "to uphold her principles," barely a month after her deputy was removed amid broker complaints that tougher regulations were hurting stock market prices.

Monday's turnover was 163.6 million Sri Lanka rupees ($1.24 million), well below this year's daily average of 870 million rupees.

Foreign investors bought a net 21.9 million rupees worth of shares, extending the net foreign inflow this year to 26.19 billion rupees.

The rupee was a tad weaker at 131.95/97 per dollar from Friday's close of 131.90/95 on importer dollar demand, dealers said. ($1 = 131.9000 Sri Lanka rupees)

http://www.cnbc.com/id/48646522

Some said the stock market is coming down because he was staying and now they say it is coming down as he pressured to leave.

"kanna Ona Unama Thalagoyath Kabaragoya Kiyanawa"

When one fancies to eat , the monitor lizard and the water monitor become the same ;-)

well said ....ha ha ha

Sri Lanka's most powerful people

1. High net worth criminals and their stock brokers
2. President (bends down to the above people)
3. ...

sales is only 163.60 million,it is normal.
It is not becuase of his step down.

"Sri Lanka stocks down on reports SEC chief under pressure"

JOKE OF THE DAY

sureshot wrote:"Sri Lanka stocks down on reports SEC chief under pressure"

JOKE OF THE DAY

oh yes,if market closed green yesterday FT would have said " Market up on rumours of Thilak resignation"

Frequent changes to key positions in SEC result further havoc in capital market proving the superiority of minor elite gang who possess unshakable controlling power. This is the administrative system intentionally designed & sustained thriving a unique community.

eka eka mona baila gahuwath manipulator la tika nathuwa meeka goda daaganna baa puthaaa...

Current stock market is not in a bad state to 'goda ganna'. It's in its natural state. It went abnormally up after the war with the local's optimism and came down naturally. Some high networth criminals must have stuck at that high point with the junk and are waiting to pass them on to intelligent retail investors. Some must be in billions of debt from gambling.
What you saw is that not even the high net worth people or even retailer's optimism could stop that when it was naturally coming down. If the manipulators could do such magic they could have done it already. But just like blaming the political puppets alone, blaming whoever is there won't do any good whether it's indrani or whoever.

What you have to understand is that what the highnetworth criminals gang and their broker band is trying to do is escape from the criminal charges on their way. Nothing more. It's not over regulation. Otherwise pyramid schemes, sakwithi schemese must also be legalized, What different is there? Sakwithi can also say this is unfair. This is overregulation. I'm not forcing investors put money in me.

aj wrote:Current stock market is not in a bad state to 'goda ganna'. It's in its natural state. It went abnormally up after the war with the local's optimism and came down naturally. Some high networth criminals must have stuck at that high point with the junk and are waiting to pass them on to intelligent retail investors. Some must be in billions of debt from gambling.
What you saw is that not even the high net worth people or even retailer's optimism could stop that when it was naturally coming down. If the manipulators could do such magic they could have done it already. But just like blaming the political puppets alone, blaming whoever is there won't do any good whether it's indrani or whoever.

What you have to understand is that what the highnetworth criminals gang and their broker band is trying to do is escape from the criminal charges on their way. Nothing more. It's not over regulation. Otherwise pyramid schemes, sakwithi schemese must also be legalized, What different is there? Sakwithi can also say this is unfair. This is overregulation.

Atlast something I can agree with you.

aj wrote:
What you have to understand is that what the highnetworth criminals gang and their broker band is trying to do is escape from the criminal charges on their way. Nothing more. It's not over regulation. Otherwise pyramid schemes, sakwithi schemese must also be legalized, What different is there? Sakwithi can also say this is unfair. This is overregulation.

Point!

This failed politician has brought disrepute to the capital market, economy and the country as a whole by making irresponsible statements to world media outlets. The damage he has done so far to the stock market and the country is irreparable. These Reuter feeds go to every trading desk in the world, when this idiot been the head of a regulatory authority make such irresponsible statement will any investments be it equity, debit or FDI's come to Sri Lanka??

TK should leave at once without further damaging the market, economy and retail investors.

CSEWOLF wrote:T will any investments be it equity, debit or FDI's come to Sri Lanka??

TK should leave at once without further damaging the market, economy and retail investors.

I think they will be more worried if TK is removed for doing his job. Nobody want to invest in a market where rules not applicable for a few. And foreign investor not only read returers.

If Thilak is under "immense pressure to resign" why lie? Blame the criminals not the one who is trying to do investigations on criminals.

slstock wrote:

aj wrote:
What you have to understand is that what the highnetworth criminals gang and their broker band is trying to do is escape from the criminal charges on their way. Nothing more. It's not over regulation. Otherwise pyramid schemes, sakwithi schemese must also be legalized, What different is there? Sakwithi can also say this is unfair. This is overregulation.

Point!

the problem here is no actions,If he is taking actions he had time.If credit is giving then there was time for that too.time just passed by with no actions and only rumours.

He is Acting as DJ no action so hopless project

aj wrote:Current stock market is not in a bad state to 'goda ganna'. It's in its natural state. It went abnormally up after the war with the local's optimism and came down naturally. Some high networth criminals must have stuck at that high point with the junk and are waiting to pass them on to intelligent retail investors. Some must be in billions of debt from gambling.
What you saw is that not even the high net worth people or even retailer's optimism could stop that when it was naturally coming down. If the manipulators could do such magic they could have done it already. But just like blaming the political puppets alone, blaming whoever is there won't do any good whether it's indrani or whoever.

What you have to understand is that what the highnetworth criminals gang and their broker band is trying to do is escape from the criminal charges on their way. Nothing more. It's not over regulation. Otherwise pyramid schemes, sakwithi schemese must also be legalized, What different is there? Sakwithi can also say this is unfair. This is overregulation. I'm not forcing investors put money in me.

100% Agreed.