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(Bloomberg) – The Philippine Stock Exchange said Wednesday’s two-hour trading halt was due to “technical issues” that plagued investors in the first week of this year.
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The stock exchange said in a memorandum that it is investigating the root cause of the issue with the third-party front-end system provider. Trading was halted shortly after the market opened at 9:30 a.m. and resumed at 11:56 a.m. Major stock indexes closed down 0.8%.
Jonathan Loveras, managing director of eManagement for Business and Marketing Services, said after major stock indexes breached the psychologically important 6,500 mark on Tuesday, “traders and investors There have been a lot of complaints,” he said.
“People want continuity, and you need to have a backup system in place for those situations,” Loveras said.
Two years ago, the Philippine Stock Exchange suspended trading for a day after a system glitch prevented 43 stock exchanges from connecting to the system.
In January 2023, the market opening was delayed by approximately 30 minutes due to what the exchange described at the time as a “minor technical” issue. The exchange also suspended afternoon trading in December 2021, citing technical reasons.
The Philippine stock market, with a capital of $229.7 billion, is small compared to neighboring countries Vietnam, Malaysia, Singapore, Thailand and Indonesia, according to data compiled by Bloomberg.
–With assistance from Ditas Lopez, Cliff Venzon, and Lianting Tu.
(Updated with stock exchange note regarding cause of trading suspension.)
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