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Philippines: PSE cuts trading hours as infection surge takes hold
MANILA, Philippines (Update 1, 4:55 p.m.) — The Philippine Stock Exchange is cutting trading hours anew to finish at 1 p.m. as daily infection numbers rise exponentially.
In a statement, the local bourse operator said the reduction will be implemented starting Friday until January 31. This came weeks after the PSE reinstated its pre-pandemic trading hours that pre-open at 9:00 a.m. and close at 3:00 p.m.
“We will await further updates from the IATF-DOH on the status of Covid cases and quarantine situation in Metro Manila a few days before January 31, 2022 and make the appropriate announcement on PSE’s trading hours after said date,” the PSE said in a statement.
Luis Limlingan, head of sales at local brokerage Regina Capital, said traders have gotten used to shortened trading hours, .
“Well we’re used to it since were trading shortened hours for almost two years. Then we went to a whole day for just a month,” he said in a Viber exchange.
The Philippines logged 28,007 new cases on January 11, so far topping 3 million registered coronavirus infections.
At the foreign exchange market, the Bankers Association of the Philippines said that interbank US dollar-peso spot trading and swap trading hours will remain from 9 a.m. to 4 p.m. to “guarantee the continued operation of financial markets.”
Editor’s note: Added forex trading hours.
Source: https://www.philstar.com/business/2022/01/12/2153437/pse-cuts-trading-hours-infection-surge-takes-hold