The Colombo stock market will remain closed for the fourth consecutive day today.
The decision not to open trading was made by the Colombo Stock Exchange (CSE), in consultation with the Securities and Exchange Commission (SEC), after an earlier announcement that the market will resume today.
The market has been closed so far this week to minimise public interactions and assist in curbing the spread of COVID-19, and to ensure the safety of all market participants. This was in line with the Government’s decision on Saturday to declare Monday as a special holiday, followed by the late Monday night decision to declare a special three-day holiday from Tuesday onwards.
With banks operating and other Asian countries more impacted by COVID-19 still keeping markets open, analysts were concerned by the prolonged closure of the CSE, as it dents foreign investor confidence.
On Friday, the Colombo stock market ended its worst week, with Rs. 214 billion in value lost and the year-to-date dip crossing the 20% mark.
(FT)