Sri Lanka’s largest business group opposes decision to close stock market
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Sri Lanka’s largest enterprise team Ceylon Chamber of Commerce has opposed a final decision by the Securities and Exchange Fee (SEC) to near the inventory market for five functioning times.


By shutting down the inventory market place, possible sellers are prevented from exiting the sector at the time and selling price of their preference, and potential potential buyers are prevented from acquiring shares, the Chamber claimed on Sunday.







“All investors will be unable to have out valuations and mark to market their respective investment decision portfolios,” Chairman of the Chamber, Vish Govindasamy explained in a letter to SEC Chairman Viraj Dayaratne.


Govindasamy mentioned there are circuit breakers in location to arrest a sharp motion in market indices, and the Chamber thinks that there is no require to near the industry in this method sending out a incorrect signal to all investors throughout the world, Xinhua information agency claimed.


“Hence, we earnestly request you to rethink this transfer and direct the Colombo Stock Trade to operate freely even amid complicated market conditions safeguarding its reputation as an trader-pleasant stock sector,” he additional.


On Saturday, the SEC announced that it had resolved to direct the Colombo Stock Trade to quickly close the inventory market for a period of time of 5 company times starting up April 18.


The SEC explained it would be in the very best passions of buyers as effectively as other current market individuals if they are afforded an possibility to have a lot more clarity and being familiar with of the economic ailments presently widespread, in buy for them to make knowledgeable investment conclusions.


The Colombo Inventory Exchange has been adversely influenced by the financial woes in the South Asian place and the index has fallen 26 for each cent by the close of March in comparison to the stop of 2021.
(Only the headline and image of this report may well have been reworked by the Organization Regular staff the relaxation of the information is automobile-produced from a syndicated feed.)

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