Stockmarket Review CSE market system stutters and stumbles

Subsequently, after lengthy discussions and consultations, employers and the President had agreed to discontinue this practice and changing the Wages Board Ordinance to bar core positions being filled by contract workers.

Labour Minister Gamini Lokuge told the Business Times that the amendment to the Wages Board Ordinance was drafted by the Legal Draftsman and is now before the cabinet sub-committee for its approval.

He also confirmed that a veteran trade union leader had expressed his concern on the issue at Monday's meeting. Employers and workers unusually came together on this issue and also on the disastrous Pension Bill but their usual confrontational posture would emerge when the EFC releases a survey on March 27 on the impact of labour laws on business.

The EFC on March 25, 2011 sent out a questionnaire to its 500-plus member organizations, seeking views on whether current labour legislation helps to generate more jobs and develop businesses.

The survey is said to reflect a call for labour laws to be relaxed, which trade unions are bound to oppose, if a better and less-restrictive environment is created for business.

The ATS Version 7 installed on 24th February which should have been a plus mark has now become a disgrace to the bourse, a sorrow to the investors and a cause of friction between investors and some brokers.

Brokers say that instead of reducing the work it has become more problematic with unexpected confusion. This unfortunate situation has caused severe repercussions to the share market, one of which is that it has caused a big dent in the confidence level of foreign investors. Local fund managers are also in great discomfort because of the end of the March quarter. After weeks of arguments and confusion some clients have now realized that the fault is not with the brokers but the system. A director of an older brokerage, who was also disturbed of the situation, said that usually when any new modification is introduced it will facilitate the user with more data but the opposite has happened here in that most of the data necessary for successful trading has been deleted.

While the ASI oscillates around the 5400 mark, moderate activity was visible in blue chips JKH, Aitken Spence and Commercial Bank while PC Pharma, Softlogic Holdings, Expolanka and ERI were moderately active. Over a million shares in Expolanka were traded on Friday, its closing level being Rs. 6.60. Pricewise JKH ended the 4- day week at Rs. 189.30 and PC Pharma at Rs 24. JKH was also successful in striking a deal with its stock brokering arm for collaboration with Malaysia's CIMB Investment Bank. The other highly diversified Hayleys group through its subsidiary Puritas Pvt Ltd are in a joint venture with India’s Veolia Water for a Rs 185 million hi tech central sew- age and waste water treatment plant at the Pasikudah Holiday Resort.

Surprising everybody Access Engineering was fully subscribed on day one itself. The company which recently took control of Sathosa Motors entered to the pharmaceuticals trade signing an agency agreement with Teva Pharmaceutical, Singapore.

Changes in directorates: Multi Finance - Ravindra Manohara Sri Tilla- kawardana was appointed an independent/ Non- Executive Director on 30th January 2012; and Nawaloka Hospitals - Damian Sunil Abeyratna was appointed a Director on 28th February. The turnover for the four days was a meagre Rs. 2.2 billion against Rs. 11.1. billion the week earlier. However the Milanka was just 76.45 points or 1.5% better than last week to end at 4828.88, while the All Share Index was 3.92 or 0.01% lower at 5456.27.