PSE expects to resume trading tomorrow

Published March 18, 2020, 12:00 AM

by manilabulletin_admin

By James Loyola

The Philippine Stock Exchange is seeking an exemption from the business closure ordered by the Inter-Agency Task Force amid the ongoing enhanced community quarantine imposed in Luzon to curb the spread of COVID-19.

In an interview with Bloomberg TV, PSE President Ramon Monzon said they are ready to resume trading as soon as tomorrow, Thursday, once the IATF grants the PSE exemption and allows it to operate.

Monzon noted that the guidelines issued by the IATF included essential businesses that are exempted from the business closure order during the quarantine period but the capital markets were not among those listed.

“We are asking them to reconsider their decision and to give us the permit to operate,” said Monzon noting that, “if we were given the chance to articulate our position, we would have requested that we not be included in the closure.”

He noted that while the PSE is ready resume trading today, “but we have to make sure that our brokers have the ability to operate so we also have to get exemptions for the employees of the brokers and that is what we are working on now.”

Thus, Monzon said it may be a challenge to operate (today) so the PSE is targeting to resume trading on Thursday.

The PSE announced late Monday night that it was suspending trading operations indefinitely starting yesterday following the announcement by the President of the enhanced community quarantine where most businesses were ordered closed and for people to stay home.

In a memo, Monzon said “there will be no trading at the Philippine Stock Exchange Inc. and no clearing operations and settlement at the Securities Clearing Corporation of the Philippines Starting tomorrow, March 17, 2020 until further notice…”

He said the suspension is meant “to ensure the safety of employees and traders in light of the escalating cases of the coronavirus diseas (COVID-19).”