198402868E. ", US Securities and Exchange Commission Chairman Jay Clayton said in an interview on CNBC on Monday that stock markets should continue to operate. The suspension will hurt those who rely on trading for an income but will provide time for participants to calm down and evaluate the situation rationally. Greece shut its stock market for about five weeks in 2015. Business news and analysis. Some market watchers had predicted a rebound in Philippine shares following their stark underperformance to regional peers, citing a potential rise in consumer spending and positive seasonal returns for local stocks in the fourth quarter. The New York Stock Exchange sent a note after-hours Monday saying all NYSE Group markets including trading floors would "continue to operate normally tomorrow. Click to enable/disable Google reCaptcha. Sign up for our daily updates here and get the latest news delivered to your inbox. We may request cookies to be set on your device. ", "Given that sentiment is a strong driver for equities at present, one can look at the Chinese market and the extended Lunar New Year holidays as a comparison. “The market could still trend up from further economic reopening, slowing Covid cases and healthier earnings” but “valuation is a bit high,” according to Robert Ramos, head of trust and investments group at Rizal Commercial Banking Corp. “These are exciting times but people are still on guard with their money.”. We do not claim any right whatsoever on these logos. Read the latest finance, business, economy, personal finance, savings and other news and information on MSN Philippines Money. Before it's here, it's on the Bloomberg Terminal. You have reached your limit of subscriber-only articles this month. Download from the Apple App Store or Google Play Store now. It's a tough situation, and of course it's not desirable. The Philippine Stock Exchange suspended trade indefinitely, citing the safety of traders and staff on March 17, 2020. America's stock market closed for almost a week after the 9/11 terrorist attacks in 2001, while Hong Kong halted trading in the wake of the Black Monday crash in 1987. You are free to opt out any time or opt in for other cookies to get a better experience. Philippine stocks’ record 13.3 per cent slump following an unusual two-day shutdown signals the risks associated with controversial moves to halt trading. Philippine stocks are beating global peers this week after having spent much of the year in the company of the world’s worst-performing equity markets. Overseas funds bought a net $16.4 million of Philippine shares on Friday, the most since August 13. The PSEi gauge is now trading at 17.6 times its 12-month estimated earnings, the highest since March 2018, and versus a five-year average multiple of 16.7. Click to enable/disable essential site cookies. A weekend is hardly sufficient for that. We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. In-depth analyses and award-winning multimedia content, Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*, 7 new Covid-19 cases in Singapore, including 1 community case, S'pore, HK agree to set up air travel bubble for leisure travel without quarantine, Australia in travel talks with Singapore, Japan, Korea as coronavirus cases ease, Former Thai PM Thaksin had coronavirus but recovered: Source, Malaysian leaders draw flak after post-election coronavirus jump, Interactive: How the world lost one million lives to Covid-19, Experts in Britain warn coronavirus is out of control, Coronavirus super spreaders drove explosive outbreak in India, South Korea's new Covid-19 cases in triple digits again as Chuseok holiday travels begin, Coronavirus: Millions cram into China's airlines as virus torments other carriers, 'Lockdown Lite' is the new strategy for fighting Covid-19. You can check these in your browser security settings. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. Philippine stocks are beating global peers this week after having spent much of the year in the company of the world’s worst-performing equity markets. The Philippines benchmark index fell 8 per cent on Monday and is down 20 per cent for March so far, already its worst since October 2008. "This restricts exit the mechanism so it won't be taken kindly by investors who don't like their flow of funds constrained," said Manny Cruz, strategist at Papa Securities. “If numbers disappoint, we’d move downwards and sideways again.”, Photographer: Veejay Villafranca/Bloomberg. All rights reserved. Have a confidential tip for our reporters? Philex Mining Sustains Positive Results Posting P462m Core Net Income for Q3 2020, Converge ICT Reports Stellar Financial Performance for Q3 2020, PSE Cash Dividend Ex-Dates for Week of June 8, 2020, PSE Cash Dividend Ex-Dates for Week of June 1, 2020. The virus has infected at least 140 people in the Philippines and killed a dozen. Otherwise you will be prompted again when opening a new browser window or new a tab. We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. But this will always prompt you to accept/refuse cookies when revisiting our site. Check to enable permanent hiding of message bar and refuse all cookies if you do not opt in. The index jumped 2.2% on Friday to close at 6,484.06. By continuing to browse the site, you are agreeing to our use of cookies. You can also change some of your preferences. Shutting markets during times of crisis is extremely rare but not without precedent. SINGAPORE (BLOOMBERG, REUTERS) - The Philippines halted stock, bond and currency trading until further notice, becoming the first country to shut financial markets in response to the widening coronavirus pandemic. A survey of international investors conducted by the Hong Kong stock exchange in December 1987 found unanimously that the closure had negatively affected the exchange's international reputation and had eroded confidence in the Hong Kong market, at least in the short term. The lobby of the Philippine Stock Exchange tower in Metro Manila, the Philippines. This site uses cookies. You can read this subscriber-only article in full, All done! If you refuse cookies we will remove all set cookies in our domain. In spite of that, the Philippine economy is still on the bright […] The latest shutdown comes in tandem with the lockdown of the capital region and could aid in containment efforts in the short term. The Philippine Stock Exchange Index climbed for a fifth straight day on Friday, taking its advance this week to almost 10%, the biggest among more than 90 global equity indexes tracked by Bloomberg. Get unlimited access to The Straits Times and more at S$ 0.99/month. We will see a sharp sell-off if the global weakness continues and a sharp rebound should there be a recovery worldwide.". Our stock market went on a stumble and prices went down and sideways then followed another fall because of market correction and global market factors. You can read about our cookies and privacy settings in detail on our Privacy Policy Page. ", "As fewer people are able to participate in the markets, it does expose the market to more volatility. Because these cookies are strictly necessary to deliver the website, refuseing them will have impact how our site functions. This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. Due to security reasons we are not able to show or modify cookies from other domains. A US-listed exchange-traded fund that tracks the Philippine market fell by a record 19.5 per cent on Monday after the bourse announced it was shutting. We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. Yet given the concerns about a recovery in corporate earnings, this week’s sharp ascent is already making investors wary. There is rampant fear at the moment as evidenced by the unprecedented volatility. No. The drawback would be if the situation continues to worsen, that could see to further panic selling when the market reopens, though current trends does suggest increased social distancing does help with the coronavirus situation. Sometime taking a step back allows investors to rethink their position and digest the flood of information out there. The closures take effect on Tuesday (March 17), according to statements from the Philippine Stock Exchange and the Bankers Association of the Philippines. By registering, you agree to our T&C and Privacy Policy. The moves follow President Rodrigo Duterte's decision on Monday to widen a month-long lockdown of the capital region to cover the country's main Luzon island, home to at least 57 million people. The enemy is ourselves in that we are really reacting to a loss of control over the situation given that no one really knows how far this can go - just as it was on 9/11. Since these providers may collect personal data like your IP address we allow you to block them here. Bourses in Korea and Indonesia said they have no plans to shut trading, while Australia's exchange said it and market regulators "have a range of measures, some of which have already been taken, to maintain the market's orderliness and resilience.

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