CSE slump hits stockbroking segment

John Keells PLC yesterday said its stockbroking segment John Keells Stockbroking (JKSB) experienced a subdued performance for its financial year ended on March 31, 2024, due to the lacklustre performance of the Colombo Stock Exchange (CSE) throughout the period under review.

However, it noted that while investor sentiment was subdued at the onset of 2023/24, due to a ‘wait and see’ approach regarding the domestic debt optimisation plan by the government, the steep reduction in interest rates and lower inflation rates spurred growth in investor participation towards the latter part of the financial year. 
The All Share Price Index closed at 11,444 points, marking a growth of 23 percent from 9,301 points as at March 31, 2023. 

JKSB recorded a revenue of Rs.232 million for the financial year while continuing to enhance its processes and systems. 
“We expect a revival in foreign investor participation in tandem with the improvement of the macroeconomy, which will contribute to improved activity in the CSE,” John Keells PLC Chairman Krishan Balendra said in his message in the entity’s latest annual report released yesterday.