Asha Phillip Securities to open a branch in Ambalanthota

Asha Phillip Securities will open its 17th branch in Ambalanthota on 9 January. The branch will be located at No. 153, Tissa Road, Ambalanthota and add to the company’s branch strength in the south in Matara, Galle and Ambilipitiya.

“We will be conducting awareness and education programmes in the area and the branch will cater to clients from Hambantota and Ambilipitiya,” Chief Executive Officer, Asha Phillip Securities, Dimuthu  Abeysekera told the Daily FT, adding that they hoped to open a branch in Hambantota in the future.

Bank interest rates are around 10%-12% and stocks provide a good investment opportunity, he said, explaining the reasoning behind his decision to open the branch.

The stock broking firm also has branches in Kandy, Kurunegala, Anuradhapura, Baticaloa and Vavuniya in addition to branches in Wellawatta and Negombo. The company was the number one broker in terms of turnover in the calendar year 2011 and has a client base of 40,000 with 1500 active clients. The company has a team strength of 60 investment advisors.

The move follows a disappointing year for the Colombo Stock Exchange with the All Share Price Index falling 8.46% to 6074 year to date and the Milanka Price Index dropping 25.95% to 5229 following phenomenal gains of 96% and 125% in the previous two years.

The market lost 0.15% in capitalisation by the end of 2011 to reach Rs. 2.213 trillion. However, a spate of Initial Public Offerings broadened the scope of the Colombo market, raising Rs. 40 billion and Rs. 20 billion through rights issues, bringing the number of listed companies at the year end to 272.