The Securities and Exchange Commission yesterday said the Colombo Stock Exchange (CSE) may remain closed during all public holidays announced by the government.

SEC in a statement said the stock market wouldn’t be able to function in a fair, orderly and equitable manner under the prevailing conditions.
The SEC yesterday morning held a meeting with the CSE director board and President of the Colombo Stock Brokers Association (CSBA) in order to obtain their views with regard to the functioning of the stock market in the light of the government’s decision to declare public holidays to curb the spread of the 
COVID-19 pandemic. 

“After the meeting, it was the considered view of the SEC that under the prevailing conditions, the stock market will not be able to function in a fair, orderly and  equitable manner. 

“As such, the SEC decided that the CSE may not be opened for trading during the days that are declared by the government as public holidays under the prevailing situation,” the SEC stated in a brief press release. 

The government has declared one week from March 20th to 27th for both public and private sectors as a period to ‘work from home’ to combat the spreading of the virus in the country and extending the public and mercantile holidays, which were to expire today. 

The CSE remained closed during this week after trading was temporarily halted on three instances during the past week amid plunging indices.

To resume trading today 

The Colombo Stock Exchange (CSE) will resume trading today after a four-day hiatus, however with revised trading hours, a CSE statement said.

Pre-open session will be from 9.30 a.m. to 10.00 a.m. and regular trading will commence thereafter. The market close is scheduled at 1.00 p.m.
“In view of the government declaring a period of six working days from March 20 to 27 for employees of the public and private sectors to work from home, the CSE requests the Member Firms/Trading Members to follow suit to the extent possible,” the 
statement added.