PSE has 2 trading days left in 2014
MANILA, Philippines – The suspension of central bank operations during the holidays will leave the Philippine Stock Exchange (PSE) only 2 days to operate for the remaining weeks of 2014, the head of the country’s national bourse said Monday, December 22.
The PSE will only operate on Tuesday, December 23, and Monday, December 29.
“Since the government has declared the suspension of bank clearing and settlement operations for December 24, 25, 26, 30 and 31, 2014 and January 1 and 2, 2015, there will also be no trading, clearing and settlement at the PSE during these dates,” said Hans Sicat, PSE president and CEO.
Next year's trading will begin on January 5, 2015.
The national stock exchange experienced trading disruptions this year, with the latest on December 8, when Typhoon Ruby hit many provinces in the Philippines.
The suspension of trade usually comes after Malacañang announces that there would be no government work, an order that covers the Bangko Sentral ng Pilipinas (BSP).
Sicat said the BSP needs to take into account the consequences of halting clearing operations since it affects the capital market.
“We understand that prolonged breaks can be disruptive to the financial system especially in the context of globalizing environments and we have thus asked the Bangko Sentral ng Pilipinas to take into account in subsequent similar occasions opening clearing operations to minimize such disruptions,” he said.
As of Monday, PSE’s index closed at 7,139.27, up by 13.64 points or 0.19 percent. Property index, meanwhile, fell by 0.70% or 19.45 points. – Rappler.com