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All Share Price Index grows 25% in comparison to 2022

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The All Share Price Index (ASPI) witnessed a growth of over 25% in comparison to the year 2022. The rebounding of the ASPI helped erase much of the losses that were recorded in the year 2022, said Director General Securities and Exchange Commission, (SEC) Chinthaka Mendis presenting their 2023 annual report.

“Similarly the S&P SL 20 index ended the year on a positive note with a growth rate of over 16%.”

On the contrary, daily average turnover dropped to Rs. 1.69 billion in 2023. “However, the market remained in the forefront in capital formation as it helped to raise Rs. 56.7 billion in the year under review. Further, foreign investors remained interested as the total net foreign inflow surpassed Rs. 6 billion mark in 2023.

Meanwhile Chairman, SEC, Faizal Salieh said that in support of the Government’s policy on reforms in State-Owned Enterprises (SOE) they have approved the creation of a separate transitionary listing board to enable the listing of SOEs, a critical step towards progressively bolstering market liquidity and promoting transparency in the SOE sector.

Listing SOEs on the CSE offers many benefits for the entities in terms of better governance, transparency and investor interest. In pursuit of good governance, better efficiency and competitiveness, the demutualization of the Colombo Stock Exchange (CSE) remains a top priority on the reforms agenda.

“Our capital market is among very few markets in the world that operate a mutual stock exchange. Demutualization is critical to building sustainable trust and confidence at the market institution level.”

He recalled that in 2023, they took decisive steps to expedite the demutualization legislation which had been stalled due to differences in opinion since 2018.

“I appreciate the cooperation we have now received from the stock broking industry to reactivate and progress with the demutualization bill through the legislature.”

The success of this joint effort will bring positive results to the future operations of the CSE and enable its elevation to the next league.

The procurement of a real-time market surveillance system and an automated market supervision system are currently in progress and will strengthen the critically important core regulatory functions of market surveillance and market supervision.

“In collaboration with the CSE, we fostered an environment conducive to innovation and growth, marked by the introduction of several transformative initiatives. We created an enabling regulatory framework for Regulated Short Selling (RSS) through Securities Borrowing and Lending (SBL).”

“We championed sustainability through the creation of a regulatory framework for sustainable bonds, including Green and Blue Bonds, which not only diversify investment opportunities but also promote environmental and social responsibility. Our commitment to financial inclusivity is evident in the introduction of Shariah Compliant Debt Securities, catering to the diverse needs of investors.”

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