Entry of new, respected market regulator boosts Colombo shares

The Colombo bourse on Wednesday toasted the respected Thilak Karunaratne's assumption of office as Chairman of the Securities and Exchange Commission (SEC) with share prices getting a tremendous boost, brokers said.

They also added that the Central Bank Monetary Board’s decision to continue with unchanged interest rates helped the core All Share Index to gain by 0.3 per cent to stand at 7,389.54 while the S&P SL20 index simultaneously gained 0.2 per cent to stand at 4,138.71 by 11.15 am.

Mr. Karunaratne, a former SEC chairman, is replacing Nalaka Godahewa who was appointed by former President Mahinda Rajapaksa after an objection by some powerful investors including Dilith Jayaweera saying harsh rules by the SEC were diminishing the market.

The allegations were levelled at former chairperson Indranee Sugathadasa as well. Both Sugathadasa and her successor Karunaratne were highly respected but powerful business interests led to their resignation, one after the other.

The turnover was Rs. 474.7 million at this time. Like what was witnessed yesterday, Blue chips JKH, Commercial Bank, Distilleries and Chevron gained interest today entering the top turnover list. (Duruthu)