The Colombo Stock Exchange (CSE) is vital for a better investment culture, Dr. Sarath Amunugama, Public Administration and Deputy Finance Minister, chief guest at the re-opening of the public gallery and CSE trading floor on Monday, told a large gathering of stakeholders in the industry.
While stressing that this event marks a symbolic moment of the peace that has dawned, he said the country’s enterprise culture has to change from more borrowing to less borrowing. Dr Amunugama noted that many proposals (to advance the investment culture and overall CSE function) have been made to the treasury (which will see further growth in the CSE).
“We need both large and small investors in the CSE. Some people who have small amounts of money as well as some with considerable income go to intermediary financial organisations (as we have seen during the past year) and it can be very detrimental to them,” he said, adding that there is a strong culture of private enterprises in the country which should be properly managed.
“If we find proper channels of investing for them, we can also develop a better investment culture and the CSE in this regard is a vital place for this,” he added.
Both the public gallery and the trading floor were suspended in April last year, due to heightened security concerns at the time.
The trading floor will house representatives of 13 stockbroker firms, representing Acuity Stockbrokers, Amana Securities, Asha Phillip Securities, Asia Securities, Bartleet Mallory Stockbrokers, Capital Alliance Securities, Capital TRUST Securities, Ceylinco Stockbrokers, DP Global Securities, Lanka Securities, NDB Stockbrokers, SC Securities and Taprobane Securities.
Some stock brokers who participated at this occasion said this is a good move as there will be more investor attraction to the CSE as well as the individual broking firms. “It is good to have a public gallery because it provides a better opportunity for the investors to discuss and arrive at better investment decisions,” a stock broker said.