Sri Lanka CSE cuts trading to 2-hours amid power cuts, political crisis | Sinhala News

Sri lanka News – Sri Lanka’s stock market cut the trading time to two hours on a daily basis until further notice, the Colombo Stock Exchange (CSE) said on Sunday amid continuing daily power cuts and a political crisis that has led to the resignation of cabinet.

“….with effect from 4th April 2022, the trading hours will be from 10.30 am to 12.30 pm until further notice,” the CSE said in a statement.

The move also comes after a political crisis resulted in a resignation of entire cabinet on Sunday. Analysts expect a fall in the stock market on Monday.

The usual four-our trading was restricted to two hours on last Thursday and Friday as scheduled power cuts were extended to 13 hours. The CSE last week said the decision was due to “the difficulties faced by investors and other stakeholders to access and operate the market as a result of the prevailing power cuts”.

From Monday, the pre-open session will start at 10. 00 a.m. and regular trading will be from 10.30 a.m. to 12.30 p.m. and the market close would be at 12.30 p.m.

The Public Utility Commission of Sri Lanka (PUCSL) has announced a five -hour power cut for Monday.

The shortened trading time also come after the market plunged over 10 percent in the previous session on Friday following violent protest near President Gotabaya Rajapaksa’s house despite being halted twice during the trade. (Colombo/April 4/2022)

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