Stock trades suspended anew

MANILA, Philippines - The local stock market will be down to two trading days this week as the Philippine Stock Exchange (PSE) suspended sessions for the second straight day yesterday.

In a public advisory, the operator of the country’s only bourse said there were no trading at the PSE and clearing and settlement operations at the Securities Clearing Corp. Philippines (SCCP) “due to the suspension of bank clearing.”

“Please be advised that we are recalling our earlier announcement due to the recent announcement of suspension of clearing and settlement operations in the banking system,” PSE said.

SCCP is a private firm organized primarily as a clearance and settlement agency for trades executed in the PSE. It can hold securities for all financial institutions in the local bourse prior to the certificates being transferred to the owner or to another party.

On Monday, trading at the PSE did not push through as heavy rains resulted in the suspension of several banking operations like the central payments and clearing system.

But unlike Monday, listed companies posted yesterday several disclosures to update the investing public.

Financial markets will be closed today for Benigno “Ninoy” Aquino Jr. Day. Trading will resume tomorrow.

On Aug. 7, 2012, the PSE also suspended trading because of torrential rains that caused heavy flooding, displacing thousands and killing more than 100 people.