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Stock market shoots up by 3%

Aug 16, 2011 4:45:40 AM - www.ft.lk


The Colombo stock market today shot up by over 3% as a direct response to regulatory support in the form of allowing brokers to lend to clients.
Thanks to strong buying on the back of improved investor sentiment the All Share Index gained by 212.85 points or 3.11% over Monday's closing.
Turnover was a high Rs. 3.76 billion. 

The Securities and Exchange Commission prior to market's close said with immediate effect it will allow stock broking firms to lend to their clients over T+3 based on the computation of Liquid Assets less Obligations, maintaining a leverage at zero level.

The SEC said it took cognizance of the improving stability in the capital market together with the concerns expressed by the Colombo Stock Brokers Association and retail investors and decided to relax the said restriction subject to prudential requirements.

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