Wednesday, January 19, 2022

UPDATE 2 The Philippine Stock Exchange has suspended trading due to a technical glitch

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* The technical problem has not been resolved yet

* Philippine stocks are under increasing pressure from COVID-19 cases (adds NASDAQ comments)

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

The exchange operator said in its advice that 43 of the 125 brokerage firms registered could not connect to the exchange trading system. (bit.ly/3pSPZIi)

According to the rules of the exchange operator, if one-third of brokerage firms cannot log in, it can stop trading.

The Philippine broader index fell 1.4 percent on Monday, marking the stock market’s worst opening since 2016, driven by an increase in COVID-19 infections, which prompted the government to tighten restrictions.

There were technical issues with the connection between the NASDAQ trading mechanism and the Flextrade front-end system, PSE said, adding that it was working with relevant parties to determine the cause of the failure. It was not immediately clear when the issue would be resolved.

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

Coren Agravio, a senior equity analyst at Regina Capital Development Corp. in Manila, said, “We’re all here on the same boat, so we don’t know when the bug will be fixed, we’re just waiting for updates.”

“There may be a knee-jerk reaction as investors rush to lower their shares at a time when COVID-19 cases are on the rise, but that doesn’t reflect the stock’s technical problems.”

Neil Jerome Morales ’interview was edited by Ed Davies; Edited by Sanjeev Miglani and David Evans

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