brand logo

CSE opens after 17-day hiatus

24 Apr 2022

  • CEO says restricted trading hours will continue
  • No decision yet to return to normal trading period
  • New trading hours from 10.30 a.m. to 12.30 p.m.
    BY Shenal Fernando Trading on the Colombo Stock Exchange (CSE) will commence today (25) after a 17-day hiatus since 8 April 2022 due to the Sinhala and Tamil New Year holidays and the subsequent temporary closure of the market for five business days due to the prevalent economic crisis in the country. Speaking to The Morning Business yesterday (24), CSE CEO Rajeeva Bandaranaike stated that the market would open today, but the restricted trading hours from 10.30 a.m. to 12.30 p.m. implemented from 31 March 2022 will remain in effect until otherwise informed by the CSE. Accordingly, the pre-open session will be from 10.00 a.m. to 10.30 a.m., with the open auction held at 10.30 a.m. as usual. However, trading, which will commence at 10.30 a.m., after the open auction, will cease at 12.30 p.m. Bandaranaike further stated that no decision has been made as of yet to revert to the normal hours, adding that in the event such a decision is made, it will be duly disclosed to the public. The 17-day closure of the market has proven a divisive topic among traders and economists. While certain parties defended the decision of the CSE and the Securities Exchange Commission of Sri Lanka (SEC) to temporarily close the close market for five days last week as a warranted measure due to the current economic situation and power disruptions, others have criticised the decision as harmful due to its long-term effects on foreign investor confidence due to the lack of reliability and certainty. Such parties have pointed out that when faced with a black swan event similar to the current collapse of Sri Lanka’s economy, equity markets must remain open to allow for price discovery, taking the risk to investors into effect. During the last trading day on 8 April 2022, the All-Share Price Index (ASPI) fell by 114.45 points (down 1.39%) to close the market at 8,135.25 points. Similarly, the Standard & Poor’s Sri Lanka 20 (S&P SL20) index was down 44.47 points (down 1.67%) to 2,623.9 points. The trading day was characterised by a low turnover of Rs. 1.2 billion, with over 58.4 million shares traded.

Kapruka

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!


More News..