The Members of the Commission of the Securities and Exchange Commission of Sri Lanka (SEC) convened a special meeting yesterday to assess the current situation in the stock market and determine what regulatory relief may be needed, the regulator said in a statement yesterday. 

The meeting discussed measures needed to manage the impact arising from the global stock market downturn due to the panic triggered by the escalation of the Covid-19 outbreak. 

SEC Chairman Viraj Dayaratne PC and Director General Chinthaka Mendis, along with Commissioners Manil Jayesinghe, H. A. Karunaratne, Priyantha Ratnayake, Naresh Abeysekera and Colombo Stock Exchange (CSE) CEO Rajeeva Bandaranaike, participated at this meeting. 

After the meeting, the Chairman, the Director General, and other senior officials of the SEC held discussions with the Chief Executive Officers (CEOs) of stockbroker firms to obtain their views with regard to the present situation in the stock market and requested them to forward their suggestions to the SEC promptly. 

The CEOs of stockbroker firms were optimistic that the Colombo stock market would bounce back strongly since the downturn was due to a global phenomenon. They also expressed the view that there is scope for investors in the Sri Lankan market due to the attractive valuation the market offers.

Stock market rebounds to close in green