Philippine Exchange Delays Trading as Disruptions Increaseby
Trading on the Philippine Stock Exchange failed to start on time on Wednesday, the latest of a series of technical glitches to affect the bourse in the past few weeks.
The exchange announced the delay in an advisory, without giving details of the cause. The bourse started trading at 10:35 a.m., more than an hour after the scheduled opening. A technical fault lasting five hours halted trading on Aug. 25, following disruptions the previous day. The bourse also suspended trading temporarily on Aug. 18, citing a technical issue.
“This is a disappointing incident and a source of irritant for investors," said Astro del Castillo, managing director at First Grade Finance Inc. “At a time when the market is very volatile, investors are emotional and don’t want to be distracted. This delay prevented investors catching up with the rebound in other markets in the region."
The benchmark Philippine Stock Exchange Index rose 0.5 percent to 6,893.55 at 10:39 a.m. local time. The gauge tumbled 9.3 percent this quarter through Tuesday, poised for its longest losing streak in 13 years, as foreigners pulled a record $1.3 billion from shares. The measure’s 30-day volatility index, a gauge of price swings, rose to the highest level in two years on Tuesday.
The MSCI Asia Pacific Index rallied 1.2 percent today, paring its worst quarterly drop since the global financial crisis, following a late rebound in U.S. shares.