Philippine Stock Exchange Suspends Trading Due to Technical Issue

  • Technical problem to be solved
  • Philippine stocks under pressure by increase in COVID-19 cases

MANILA, Jan. 4 (Reuters) – The Philippine Stock Exchange (PSE.PS) suspended trading on Tuesday due to a technical issue at the start of trading.

The stock trader said in a notice that 43 out of 125 brokerage firms registered with him could not log into the exchange’s trading system. (https://bit.ly/3pSPZIi)

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

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The larger Philippine Index (.PSI) 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.

“We are working diligently with PSE to resolve this issue as quickly as possible,” NASDAQ said in an email response for comment. All other NASDAQ systems and markets were functioning normally, he added.

“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 might 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 problems of the exchange.”

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Reporting by Neil Jerome Morales Editing by Ed Davies; Editing by Sanjeev Miglani and David Evans

Our standards: Thomson Reuters Trust Principles.


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