The CSE ASPI continued to slip on Thursday 14th January by more than 100 points or 1.65% to close at 6446. While investors and traders who were optimistic few months ago and worried about their portfolios, there were indeed those who predicted the current course in advance. The blame game is on, as expected, where the regime change is being blamed for the steep decline. On one hand, it can be agreed as the government’s first full budget has come out with a record number of amendments. Virtually all revenue proposals have been amended after ‘consultations’ and protests. One would wonder why these ‘consultations’ did not take place before presenting the budget. The lost revenue will severely impact the financial position of the country and will have impact on the interest rates and the rupee.
Amidst all these, some buying is observed in selected few counters by their respective directors although the price has been slipping. Some may take a cue from buying and selling by directors for the future direction of the performance of the company.
Mr. A. K. Pathirage, Chairman/Managing Director of the Softlogic group has purchased small quantities of shares in Softlogic Holdings PLC (SHL.N0000), Softlogic Capital PLC (SCAP.N0000) and ODEL PLC (ODEL.N0000). Disclosure pertaining to these were given on 12 January 2016.
Mr. S. D. R. Arudpragasam, Non Executive Director and 2nd largest shareholder of Laxapana Batteries PLC (LITE.N0000)Â has been on the buying side of the company. The recent quantities include a 100,000 share purchase for Rs. 8.50 each. LITE closed trading on 14th at 8.20/- [-0.30]
Mr. K. D. A. Perera, Non Executive Director and 2nd largest shareholder of Vallibel Finance PLC (VFIN.N0000) has been on the buying side as well. He has purchased 92,104 shares YTD for a value of Rs. 5.9m. He has bought further quantities in December 2015 in addition to this. Previously, managing director Mr. S. B. Rangamuwa was on a buying spree.
Mr. V. R. Page, Deputy Chairman/CEO or Cargills Ceylon PLC (CARG.N0000) has bought 500,000 shares at Rs. 171.80 per share on 12 January 2016.
Mr. W. K. H. Wegapitiya, Chairman/CEO of Laugfs Gas PLC (LGL.N0000) has also bought a small quantity in the company on the same date.
Mr. Riyaz Sangani, Managing Director of Vidullanka PLC (VLL.N0000) bought close to 500,000 shares at 6.40/- each on 7 and 8 January, but the seller (or part seller) was Non Executive Director Mr. Zulfiqur Ghouse.
