Capital market operator, the Colombo Stock Exchange (CSE) today justified the need to close the market for an additional five days after the long holiday due to the Sinhala and Tamil New Year.

CSE Chairman Dumith Fernando addressing the media at the stock exchange this morning said that the decision to close the market from 18 to 22 April was taken after the Ministry of Finance announced the sovereign debt default and rate hike, and the downgrades from rating agencies.

Fernando said that the decision was made in accordance to the new Securities and Exchange Commission Act to protect the interest of investors.