Colombo, April 20 (IANS) Sri Lanka's stock market opened on a positive note Friday after the removal of the 10 percent price band by the Securities and Exchange Commission (SEC), analysts said here.
The market's value swelled by 41 billion Sri Lankan rupees ($32.3 million) after the announcement while the main All Share Price Index gained by 2 percent or 111 points as sentiments of investors and brokers got a boost from the SEC, reported Xinhua.
The SEC, which is the regulatory arm of the Colombo Stock Exchange, said in a statement its commissioners at their meeting Wednesday decided to lift with immediate effect the five-market-day 10 percent price band on certain securities based on an agreed formula, which takes into account volatility and volumes.
Despite the removal, the SEC said it will continue to monitor the behaviour of the market and the price band may be re-imposed in the future.
Most brokers made it a point to welcome the removal of the price band in addition to linking it to the market's revival while some cautioned investors from being carried away.
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