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


Sri Lanka’s most significant company team Ceylon Chamber of Commerce has opposed a determination by the Securities and Trade Fee (SEC) to near the inventory marketplace for five functioning times.


By shutting down the inventory current market, opportunity sellers are prevented from exiting the market at the time and selling price of their alternative, and prospective prospective buyers are prevented from obtaining shares, the Chamber mentioned on Sunday.







“All buyers will be not able to carry out valuations and mark to current market their respective financial investment portfolios,” Chairman of the Chamber, Vish Govindasamy stated in a letter to SEC Chairman Viraj Dayaratne.


Govindasamy mentioned there are circuit breakers in location to arrest a sharp movement in sector indices, and the Chamber believes that there is no need to have to shut the sector in this manner sending out a incorrect signal to all buyers across the globe, Xinhua information company documented.


“Consequently, we earnestly ask for you to rethink this transfer and immediate the Colombo Inventory Trade to work freely even amid difficult market place problems safeguarding its name as an trader-friendly inventory industry,” he additional.


On Saturday, the SEC announced that it experienced made the decision to immediate the Colombo Inventory Trade to temporarily shut the inventory market for a period of time of five company times beginning April 18.


The SEC mentioned it would be in the greatest passions of traders as perfectly as other current market participants if they are afforded an possibility to have more clarity and comprehension of the economic conditions presently prevalent, in buy for them to make informed investment decision decisions.


The Colombo Inventory Trade has been adversely affected by the economic woes in the South Asian country and the index has fallen 26 per cent by the conclude of March compared to the end of 2021.
(Only the headline and photograph of this report may have been reworked by the Business Normal team the relaxation of the material is vehicle-created from a syndicated feed.)

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