Sri Lanka's Richard Pieris Securities is in talks with big foreign funds to attract more investments to the Colombo bourse and plans a separate unit to lend money for trading, an official said.
The firm, a subsidiary of the Richard Pieris & Co group, has just got its stock broking license from the regulator, the newest broker in Colombo's booming bourse.
Richard Pieris Securities chief executive Jayantha Perera said more foreign funds were needed in the market which is now dominated by retail traders.
"Now the market is driven mostly by retailers," he said in an interview with Lanka Business Report, our sister news television show and
website, at the official launch of the company."We need to get more foreign funds, big ticket players in the international arena, to come to Sri Lanka.
"We've already spoken to three funds from three different countries."
Colombo's small bourse was Asia's second-best performing stock market last year and is also one of the best-performing so far this year.
The market began a bull run soon after the island's 30-year ethnic war ended in May 2009 with corporate earnings and economic growth increasingly sharply.
Perera also said a new subsidiary will be set up under the Richard Pieris group to lend money to retail traders in the stock market as stock brokers themselves are not allowed to do so.
"We're going to set up separate sister company, Richard Pieris Financial Services, to provide margin trading facilities for clients, to support day traders."
Related Info :
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