Strong winds and rain brought about by Typhoon Pedring on Tuesday also affected trading at the country’s equities market. A few minutes before trading was supposed to start, Philippine Stock Exchange (PSE) President and CEO Hans Sicat issued TPA 2011-0053 suspending Tuesday’s trading “due to lack of clearing facilities.”
Government offices have been suspended, including the Bangko Sentral ng Pilipinas, due to inclement weather condition. “Likewise, there will be no SCCP clearing and settlement of trades,” said Sicat, referring to the Securities Clearing Corporation of the Philippines, a private institution organized primarily as a clearance and settlement agency for depository eligible trades executed in the PSE.
The benchmark PSE Index plunged 164.74 points, or 4.24 percent on Monday to 3,721.22 points, while the All-Shares Index slumped 81.72 points or 2.94 percent. Losers trumped gainers, 171 to 23, while 24 stocks closed unchanged. Volume traded reached 9.39 billion valued at P5.28 billion.
