Sri Lanka’s stock market opened for trading and closed after first 38 seconds. What’s so special about this? The Colombo Stock Exchange was closed for 7 weeks amid financial instability and economic slowdown (coronavirus effect on tourism industry). The Colombo Stock Exchange’s S&P SL 20 index fell 10% on opening (during 38 seconds), crashing through a 5% circuit breaker. According to rules market must remain closed after crossing lower circuit.
Sri Lanka remained under the curfew but from Monday government allowed public and private companies to resume operations. Worldwide economies slowly restarting and this may prevent extreme downward pressure in Colombo Stock Exchange.
The Colombo Stock Exchange was closed for 7 weeks that resulted in missing out on a worldwide equities rebound in April. Expected that market will fall another 30% before the recovery.
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