Sri Lanka’s SEC seeks proposals to boost stock market

ECONOMYNEXT – Sri Lanka’s Securities and Exchange Commission has sought proposals from stock brokers for proposals to boost the markets as the benchmark index plunged to an eight year low amid a Coronavirus scare.

Viraj Dayaratne, Chairman, SEC, Chinthaka Mendis, Director General, SEC Commissioners Manil Jayesinghe, H A Karunaratne, Priyantha Ratnayake, Naresh Abeysekera and chief executive officer of the Colombo Stock Exchange Rajeeva Bandaranaike were in the meeting.

SEC had asked brokers to “forward their suggestions to the SEC promptly”, a statement said.

Brokers had also said that stocks were at attractive valuations and the downturn was part of a global phenomenon.

Sri Lanka’s stocks plunged over 4 percent on Tuesday with the bourse setting a 30 minute trading halt. Stocks recovered 1.6 percent the following day. (Colombo/Mar12/2020)

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