Why have a Footwear and Textiles sector on CSE?

Monday, 8 August 2011 00:00 - - {{hitsCtrl.values.hits}}

Increasingly questions are being raised as to the need to have a Footwear and Textiles sector on the Colombo Stock Exchange as two recent sector specific companies are going for different categorisation.

The latest industry firm Textured Jersey will be classified under the Manufacturing Sector, a move which Orient Garments opted for as well recently. Analysts opined that companies in same sector being categorised differently causes confusion.

It couldn’t be confirmed who decided on the classification whether the Companies or the CSE itself.

Textured Jersey qualifies to be on the footwear and textiles sector as Hayleys MGT and Kuruwita Textile too are in it. Odel which is largely a trader of textile and apparel products among others, was the last to be included under the footwear and textiles sector. The other entity in the sector is Ceylon Leather.

Analysts said that the CSE could very well avoid confusion by ensuring all related companies get listed under Footwear and Textile or simply transfer all to Manufacturing.