Extended lockdown prompts PSE to continue shortened trading until April 30
MANILA, Philippines — The Philippine Stock Exchange announced Monday the shortened trading hours will be implemented until the end of April after the government extended the enhanced community quarantine in Luzon until the end of the month.
“We continuously enjoin everyone to take the necessary precautionary measures to help stem the spread of COVID-19,” PSE President and CEO Ramon Monzon said in a memo.
Instead of trading between 9 a.m. to 3:30 p.m. daily, the local bourse has shortened market hours since March 16 to end by 1 p.m. amid getting battered in the first few days of the Luzon lockdown meant to control the spread of coronavirus disease-2019. With the number of infections still on the rise, thel lockdown has been extended until April 30.
An interagency task force managing the disease control later allowed the country’s financial markets to re-open under a skeletal force. However, trading of local equities had been shortened to four hours from the original seven hours.
Sought for comment, Piper Chaucer Tan, research associate at Philstocks Financial Inc., said the shortened trading hours won’t have a significant impact on the PSEi’s performance, but added the equity market will remain volatile in the coming weeks and will continue to take cues from US markets.
Optimism in Washington over the US Federal Reserve’s announcement of new measures to fix financial markets sent the local index rallying 1.82% to close at 5,610.98 on Monday, Luis Limlingan of Regina Capital said in a market commentary. The broader all-shares index inched up 1.45% to end at 3,380.63.
“This extension of the shortened trading hours has nothing much of an effect for the trading action in the upcoming weeks,” Philstocks’ Tan said in a text message.
“Investors are looking for cues on the possible peaking of virus (infections) and the gradual resumption of businesses,” he added.
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