Colombo stock market closes on Monday and Tuesday

The Colombo Stock Exchange (CSE) was closed for trading on Monday and the closure will continue on Tuesday (March 24) in view of the curfew imposed in most parts of Sri Lanka to prevent the spread of COVID-19 pandemic.
Owing to the curfew and the current COVID-19 crisis, several annual general meetings of banks and other companies which were scheduled to be held in the next 2-3 weeks have been postponed. They are Commercial Bank, Pan Asia, Union Bank, HNB, Amana Bank, HNB Assurance, Commercial Development Co, Ceylinco Insurance, DFCC and Seylan Bank.
Meanwhile the CSE announced that, in the context of the S&P SL20 Index falling below 5% on many occasions last week, the exchange board of directors on March 20 decided to amend the current methodology with regard to Index-Based Circuit Breakers as follows:
* In the event the S&P SL20 Index drops by 5% within the day from the previous market day’s close, a Market Halt to be imposed for 30 minutes.
* A Market Halt to be imposed for 30 minutes at every 5% further decline of the S&P SL20 Index thereafter during the day.
* If the 5% trigger is reached on or after 2.00 p.m., the Market will be halted for the rest of the day.
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