By Kabanda Chulu
Tuesday April 08, 2008 [04:00]
LUSAKA Stock Exchange (LuSE) has engaged a Sri Lankan company to install the automated trading system that is expected to improve efficiency during trading operations. Announcing the development yesterday, LuSE general manager Beatrice Nkanza said the automated trading project has reached an advanced stage and would be installed in the next 90 days. She said that LuSE would take advantage of the many opportunities that automation offers like cross listings and real-time information sharing.
“We selected MIT of Sri Lanka through competitive open tender and they are already on site and the process has started and we expect full installation and testing in the next 90 days or so,” Nkanza said.
“This programme will improve efficiencies of trading especially now that we are getting more listings, to be able to cope with increased numbers of trades.”
She said the trading system would be more visible since investors would be able to see the bids and offers as they are placed in real time.
“Eventually, when we achieve full connectivity it will enable investors and brokers in outlying areas to participate in the business of trading, especially that many people are currently excluded because of distance, but with automation they will be able to participate using internet based access,” Nkanza said.
“Automation makes many things possible, so we look forward also to information based product innovations and we hope to see integration of this system to other systems already in operation such as television, radio and mobile phones for easy and quick access by users.”
And last week, the Lusaka Stock Exchange recorded a total of 98,580,834 shares that were transacted in 170 trades resulting in a total turnover of K16.50 billion.
The all share index closed at 4,292.11 points, which is a reduction by 1.95 per cent from 4,377.47 points that was recorded during the previous week.