• OMS breakdown disrupts trade, halts nearly 50% of broker activity
• CSE CEO says issue was isolated to broker systems, not CSE infrastructure
• ASPI slips after bull run, but Rs. 6.2 b turnover signals continued investor interest
• ATX, Arcasia trigger mandatory offer after Alpha Fire stake buy

While chaos at the Colombo Stock Exchange (CSE) triggered by the breakdown of the broker Order Management System (OMS) on Wednesday (16) appeared to have stalled the momentum of the historic bull run observed in the market, sustained high turnover figures offer a resilient counterpoint to continued bullish sentiment.

On Wednesday morning, just minutes into the trading session, the CSE abruptly announced a temporary halt on trading due to a technical malfunction in the OMS. 

Speaking to The Sunday Morning Business, CSE Chief Executive Officer Rajeeva Bandaranaike revealed that the glitch had not originated from their end and was isolated solely to the broker systems.

“Yesterday (16), there was a technical glitch in the broker trading system – the OMS – and as a result, 11 brokers were impacted at the start of trading at 9.30 a.m. Since these 11 brokers constituted almost 50% of the market, a decision was taken to halt the market until the issue was rectified,” he explained. 

Accordingly, Bandaranaike revealed that the glitch had been rectified at around 10.15 a.m., whereupon trading had opened at around 10.25 a.m. Thereafter, regular trading commenced at 10.45 a.m.

In the days prior to this development, the market had been on a historic high, which saw the benchmark All Share Price Index (ASPI) surpass the 19,000 basis points mark for the first time in the capital market’s history.

In the aftermath of the chaos that precipitated from the breakdown, the ASPI fell by around 60 basis points on Wednesday and by eight basis points on Thursday (17), albeit with an attractive turnover of Rs. 6.2 billion. 

Other developments in the market during the preceding week include the mandatory offer by ATX Partners Ltd. and Arcasia Investments and Trading Ltd. to purchase all the remaining ordinary voting shares of Alpha Fire Services PLC at Rs. 10 per share, following their acquisition of 22.1 million shares (58%) of Alpha Fire Services at Rs. 10 on 2 June.

On 16 July, WindForce PLC announced that it had entered into an Engineering, Procurement, and Construction (EPC) agreement worth $ 291,389 with Joy Resort Ltd. for the implementation of a rooftop solar photovoltaic (PV) system with a capacity of 383 kWp at Joy Island, located in Kassanfushi, Kaafu Atoll, the Maldives.