Maravi

LuSE starts automated trading system

LuSE starts automated trading system
By Kabanda Chulu
Monday October 06, 2008 [04:00]

LUSAKA Stock Exchange (LuSE) has today begun conducting the automated trading system on a trial basis that will result in the launch of Alternative Investment Market (AIM) by December 2008.

And last week, the LuSE all-share index declined by 1.25 per cent from 3,639.78 points to 3,594.32 points following losses in most of the stocks at the capital market.

In an interview on Friday, LuSE general manager Beatrice Nkanza said a lot of progress had been made concerning the launch of the parallel market.

“The consultants are on site and automation has started on trial basis with the launching of the system to be done soon and we are hopeful that December this year, we are going to launch the parallel investment market,” said Nkanza.

LuSE has engaged MIT of Sri Lanka to install the automated trading system which is expected to improve efficiency during trading operations.

It is expected that LuSE will take advantage of the many opportunities that automation offers like cross listings and real-time information sharing.

Automation will also enhance the trading system since it will be more visible to investors who will be able to see the bids and offers as they are placed in real time.
And a total of 15,819,649 shares were transacted in 101 trades that yielded a total turnover of K9.05 billion.

But in terms of prices, the market recorded loses in most of the stocks and the all-share index closed at 3,594.32 points having declined by 1.25 per cent compared to 3,639.78 points for the week ending 26 September 2008.

Trading activities were recorded in British American Tobacco, BP Zambia, Cavmont Capital Holdings, Zain, Lafarge, Investrust Bank, Pamodzi Hotel, Standard Chartered Bank and Zambeef Products. Others were Zambian Breweries, Zambia Sugar and Bata.

Labels: ALTERNATIVE INVESTMENT MARKET, LUSE

posted by MrK @ 5:12 AM