Financial Times

Stockbrokers in party mood
The stockbrokers have never had it this good. Their fortunes have revived with the boom in the market. And since the capital gains tax has been withdrawn, many brokers feel they have the right reason to celebrate.

High flyers in the profession, who worked hard during the bull run, are enjoying themselves to the hilt this holiday season with overseas trips, parties, shopping sprees and holidays at exotic locations in the country.

A stock analyst told The Sunday Times FT that the brokers may spend anything from Rs. 30,000 to Rs. 1 million for entertainment during this festive season.

For some this may sound a crime, but the brokers justify their indulgence saying it is their hard earned money. "We are spending our legitimate commission income," a stockbroker said. He said he hopes to party hard this season and travel to the east with his family. Many of his brokering buddies have booked travel packages to various countries, mostly to the Middle East and some to Europe. Others are planning to travel out of Colombo and holiday at five star locations.

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