No impact with restrictions on big investors — GHL chairman

His comments came in a question and answer that appeared in GHL’s 2005 annual report. “ I do think that the restrictions placed on institutional investors by the regulators have had a negative impact,” he said.

He said shareholders need to appreciate that the entire market has retreated since the middle of 2005, though some have declined more than others. “We have seen declines by year’s end of 20 percent for Republic Bank, 22 percent for Neal and Massy, 11 percent for RBTT Financial and 29 percent for Grace Kennedy.”

“I am not certain in my own mind that the so-called ‘corrections’ in the Trinidad and Tobago and Jamaican stock markets are warranted in terms of market fundamentals or valuation of individual stocks.” He added, “I do think that the restrictions placed on institutional investors by the regulators have had a negative impact, and that the introduction of ‘electronic trading’ has allowed a situation to emerge where small trades can move prices by large amounts and has added even greater volatility to our stock market.”