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11 Jan 2022

Philippine Stock Exchange to Reduce Trading Hours Due to Covid-19 Surge

The Index Today

The Philippine stock trading is set to move to half day sessions starting 14th of January through the end of the month amid a surge in omicron cases, trading will start from 9:00 am pre-open and close at 1 p.m., according to the advisory of PSE (Philippine Stock Exchange) President Ramon Monzon.

The issue comes just a month after the bourse returned to full day trading as Covid-19 cases recede. But currently, the infections in the Philippines took a turn for the worse in recent weeks, hitting records high and prompting the government to put Manila and surrounding provinces under strict COVID-19 precautionary measures. An even stricter lockdown is anticipated should hospitals get swamped with COVID-19 patients.

Due to fears of worsening pandemic may bring harsher curbs and hurt the economy caused wild swings in the country’s equities at the start of the year. According to the Bloomberg news, the benchmark stock index lost 1.6% in the first week of 2022, and gained on Monday before retreating on Tuesday.

©Photo: economictimes.indiatimes

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