Sri Lanka PM says to question bourse over trading stoppage
Mar 24, 2016 10:21 AM GMT+0530 | 2 Comment(s)
ECONOMYNEXT - Sri Lanka's Prime Minister Ranil Wickremesinghe Colombo Stock Exchange will be questioned over a recent trading stoppage for about 20 minutes after back-up power failed at the building.
"I have instructed my ministry to call the stock exchange and investigate this matter," Prime Minister Wickremesinghe told parliament Wednesday.
"Confidence in the stock exchange has fallen internationally due to this."
He said confidence was falling quite separately from a proposed capital gains tax.
He said at any stock exchange there should be alternative equipment to keep on trading.
"Even 30 seconds can make big difference to an investor," he said.
Colombo Stock Exchange trading stopped after back-up power at the World Trade Centre building, where it is located failed, during a power cut imposed by the state-run power utility.
The CSE has a separate disaster recovery site where trading can be conducted if necessary.
However trading was re-started within 20 minutes at the main location.