Philippine Stock Exchange Cancels Trading Due to Technical Issue

A janitor wearing a face mask cleans the lobby of the Philippine Stock Exchange amid the coronavirus disease (COVID-19) outbreak, in Taguig City, Metro Manila, Philippines, September 30, 2020 (Reuters / Eloisa Lopez / File Photo)

MANILA (Updated at 4:03 p.m.)—The Philippine Stock Exchange canceled trading on Tuesday due to a technical issue at the start of the session.

The stock operator said in a notice that 43 of the 125 brokerage firms registered with it could not connect to the exchange’s trading engine.

Under the rules of the stock exchange operator, it can suspend trading if a third of the brokerage firms cannot access the system.

the PhilippinesThe broader index fell 1.4% on Monday, marking the worst stock market opening since 2016, weighed down by rising COVID-19 infections that prompted the government to tighten restrictions.

There were technical issues in establishing the connection between the NASDAQ trading engine and the Flextrade front-end system, the PSE said, adding that it was working with affected parties to identify the cause of the problem. He did not give a deadline when the problem will be resolved.

NASDAQ did not immediately respond to a request for comment.

“We don’t know when the issue will be resolved as we’re all in the same boat here, awaiting more updates,” Corenne Agravio, senior equity analyst at Regina Capital Development Corp in Manila, told Reuters.

“There could be a knee-jerk backlash as investors rush to offload stocks amid the surge in COVID-19 cases, but this will not reflect the technical issues of the exchange. “

—Report by Neil Jerome Morales Editing by Ed Davies; Editing by Sanjeev Miglani

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