Colombo stock market halts after 9 minutes

The Colombo stock market closed after just nine minutes on Tuesday after liquid share index, S&P SL 20 plunged more than 10 per cent due to intense selling, repeating a situation in Monday when the market was halted as the benchmark index fell more than 10 per cent in value
However this was a better performance compared to when it made history as the only exchange which traded for the shortest time – 38 seconds –on Monday after similar selling. 
This triggered the Securities and Exchange Commission introduced Three Tiered Circuit Breaker structure on 30 April, attached to the S&P SL20 Index. This was to eliminate distortion in the S&P SL20 Index by providing a layered system. This replaced its earlier structure which was at blocks of 5. 
On Tuesday, the S&P SL20 Index ended 5.03 per cent to 1,672 points, while the benchmark All Share Price Index fell 3.49 per cent to 4,238.94 points on a turnover of Rs. 230.5 million.
“You could have expected having 1.5 months to prepare to re-open would be enough. Embarrassing day for #SriLanka. No plan, no coordination and the results are inevitable. Hopefully lesson learned," a disgusted Mattias Martinsson, CEO and CIO of Tundra Fonder in Stockholm had tweeted on Monday. 
The market was closed during the 51-day lockdown but started in line with the decision made by the government to relax curfew regulations in the Western Province. (DEC)