The Colombo Stock Exchange (CSE) will remain closed tomorrow (18) and Thursday (19), well placed market sources told The Sunday Morning Business. This decision was made a short while ago by the Securities and Exchange Commission (SEC), which regulates the CSE, and has been influenced by many factors. These include concerns about staff safety, as the world is encouraging social distancing, and doubts as to whether the CSE would be in violation of government orders by opening as it is not an essential service. Our sources told us that another reason for the market to be kept closed is to prevent a panic driven sell-off due to the Covid-19 outbreak. Late yesterday night the Government declared a 3-day public holiday from 17th to 19th March to prevent people gathering and to facilitate social distancing to contain the spread of Covid-19. This applies to all government institutions apart from the health, food supply and transport sectors, as well as the provision of essential services, banks, Government Agents and District Secretariat offices. It has requested the private sector to provide this holiday to its employees as well. According to our sources the decision to keep the market closed has been taken by the SEC in consultation with the CSE a short while ago, despite requests from certain quarters for it to be opened. Speaking to us President of Colombo Stockbrokers Association (CSBA) Kosala Gamage said that a majority of the CSBA were in favour of keeping the CSE closed till Thursday in light of recent developments. When contacted, both the SEC and CSE confirmed that the market will be closed tomorrow, but said a decision would only be taken about Thursday tomorrow evening. The 3-day public holiday was announced by the Government late Monday night amidst growing calls on social media for a nationwide lockdown to contain the spread of Covid-19. The market was closed on Monday as well owing to a public holiday declared by the Government. Regular trading at the CSE was halted for 30 minutes on three days last week after the S&P SL20 index, which includes the 20 largest companies by total market capitalisation listed on the CSE, fell by 5% on each day. Global stock markets in US, Europe and Asia too have been battered by the global Covid-19 pandemic over the past few weeks.