Crisis in Sri Lanka leads to Colombo stock market closure next week

News

Plagued by mounting protests against the government in Sri Lanka, the Colombo Stock Exchange (CSE) has decided to close next week given.

The Securities and Exchange Commission of Sri Lanka (SEC) said this decision was taken by the CSE on 15th April and intimated to the SEC. "Many other stakeholders of the securities market including the Colombo Stock Brokers Association have also sought the temporary closure of the market on the same grounds."

The SEC is of the view that 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 presently prevalent, in order for them to make informed investment decisions, it added.

"Therefore, acting in terms of the provisions contained in Section 30 of the Securities and Exchange Commission Act No. 19 of 2021, the SEC has decided to direct the CSE to temporarily close the stock market for a period of five business days commencing from 18th April 2022."

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