COLOMBO, Apr 17 (NNN-XINHUA) – The Securities and Exchange Commission of Sri Lanka (SEC) yesterday announced that, it decided to direct the Colombo Stock Exchange (CSE) to temporarily close the stock market for a period of five business days, beginning tomorrow.
The SEC said in a press release that, the CSE board of directors had asked for a temporary closure of the stock market, citing the present economic crisis in the country.
Many other stakeholders of the securities market, including the Colombo Stock Brokers Association, also sought a temporary closure on the same grounds, the SEC said.
“The SEC has carefully considered the grounds that have been adduced by them and has evaluated the impact the present situation in the country could have on the stock market, in particular the ability to conduct an orderly and fair market for trading in securities,” SEC said.
The SEC said, it would be in the best interests of investors, as well as, other market participants, if they are afforded an opportunity to have more clarity and understanding of the economic conditions prevalent, in order for them to make informed investment decisions.
The CSE has been adversely affected by the economic woes in the country and the index has fallen 26 percent by the end of March, compared to the end of 2021.– NNN-XINHUA
