The open of trading on the Philippine Stock Exchange was delayed for nearly two hours on Monday due to a connection issue, in the latest glitch that may put off foreign traders.
Trading on the PSE, which usually starts at 9:30 a.m. Manila time, began Monday at 11:10 a.m., with the benchmark index dropping as much as 1%.
The open “was delayed due to a system connectivity issue,” PSE President and CEO Ramon Monzon said in a memorandum to trading participants.
The Philippines’ benchmark stock index has dropped about 5% year-to-date, versus the MSCI Asia Pacific Index’s about 3% gain, weighed down by factors including US market volatility.
“We are quite used to this” and the trading delay’s impact will likely be minimal, said Raoul Santos, president of RCBC Securities Inc. in Manila. “On the foreign side, there may be some clients holding back on their buying due to this system instability,” he added.
The PSE is no stranger to trading disruptions. In January last year, the bourse said a technical issue caused a two-hour trading halt, frustrating investors.
The Philippine bourse shifted to digital trading after permanently shutting down its trading floor in 2022. Stock-trading activities have been suspended in the past due to adverse weather and closure of clearing services.
PSE officials didn’t respond to a request for further comment. — Bloomberg