Brokers swap stocks for socks in Sri Lanka

The stock broking fraternity here will no doubt respond with some sympathy to news of the tough times afflicting their counterparts…

The stock broking fraternity here will no doubt respond with some sympathy to news of the tough times afflicting their counterparts in Sri Lanka where the difference between selling stocks and stockings does not appear that great.

Indeed, according to Reuters, the gap is fast narrowing as brokers, confronted by a slowing stock market, quit their jobs for more profitable occupations. And when it comes to alternatives, what better option than selling garments, still a boom industry in the tiny Indian Ocean island. Or running supermarkets.

Mr Sarinda Unamboowe, a director with the local John Keells Stock Brokers who recently gave up his broking job to run a supermarket chain, told Reuters: "I have seen brokers have a super star status with hotel managers running after them to get them the best seat in their restaurants." But he lamented: "Not anymore."