Sri Lanka’s largest business group opposes decision to close stock market


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Sri Lanka’s premier enterprise team Ceylon Chamber of Commerce has opposed a choice by the Securities and Exchange Fee (SEC) to shut the inventory current market for 5 doing work times.

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By shutting down the inventory sector, likely sellers are prevented from exiting the marketplace at the time and price tag of their choice, and likely purchasers are prevented from obtaining shares, the Chamber mentioned on Sunday.&#13
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“All traders will be unable to carry out valuations and mark to current market their respective investment portfolios,” Chairman of the Chamber, Vish Govindasamy reported in a letter to SEC Chairman Viraj Dayaratne.

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Govindasamy mentioned there are circuit breakers in place to arrest a sharp movement in market place indices, and the Chamber believes that there is no need to have to near the sector in this method sending out a wrong signal to all traders throughout the world, Xinhua news agency described.

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“For that reason, we earnestly request you to rethink this shift and direct the Colombo Inventory Trade to operate freely even amid tough marketplace ailments safeguarding its track record as an investor-helpful inventory current market,” he additional.

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On Saturday, the SEC announced that it experienced resolved to direct the Colombo Stock Trade to briefly close the inventory sector for a interval of 5 organization days starting off April 18.

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The SEC claimed it would be in the finest interests of buyers as nicely as other industry members if they are afforded an opportunity to have far more clarity and comprehension of the financial conditions presently commonplace, in buy for them to make educated investment decision selections.

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The Colombo Inventory Exchange has been adversely influenced by the economic woes in the South Asian country and the index has fallen 26 per cent by the conclusion of March when compared to the finish of 2021.

(Only the headline and photo of this report may perhaps have been reworked by the Enterprise Standard staff members the rest of the content is auto-generated from a syndicated feed.)

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