Quantcast
Latest Stories

PH Financial markets shut down for second day

By

AP FILE PHOTO

MANILA, Philippines–Philippine financial markets were suspended for the second straight session on Tuesday as incessant rains continued to flood many parts of the National Capital Region and Luzon.

The Philippine Stock Exchange had initially issued an advisory at 5:40 a.m. that trading would resume but this was recalled by 7:40 a.m. after the government suspended work, thereby halting clearing and settlement operations at the banking system.

Foreign exchange and bond trading was also suspended by the Bankers Association of the Philippines, citing lack of check clearing for the day, said BAP first vice president and open market committee chair Antonio Moncupa Jr., who is also president of East West Bank.

Tuesday’s suspension puts the local financial markets to a halt for three days this week as tomorrow is an official non-working holiday in celebration of Benigno ”Ninoy” Aquino Jr. day. On the other hand, the trading suspension has allowed local markets to avoid the heavy beating taken by regional markets in the last two days as investors continued to favor developed markets at the expense of emerging markets.

Investment Credit Agricule CIB said emerging markets, especially Indonesian and Indian assets, would remain under pressure ahead of the release of the US Fed’s Federal Open Market Committee (FOMC) minutes.

Some banks immediately suspended work on Tuesday while others decided to open some branches ahead of Wednesday’s holiday. Bank of the Philippine Islands, Metropolitan Bank and Trust Co., Rizal Commercial Banking Corp., Security Banking Corp., Land Bank of the Philippines, China Bank, Veterans Bank and East West Bank opened for branches in areas that were not affected by floods.

Philippine Savings Bank said all affected Metro Manila branches were closed but all others were open to serve clients. RCBC and Landbank announced selected branches were open for business until 12 noon.

On the other hand, Banco de Oro Unibank, United Coconut Planters Bank, Citibank, HSBC, Philippine National Bank, Union Bank of the Philippines, Asia United Bank suspended operations in the metropolis.

Some head offices opened with skeletal team.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , financial markets , floods , monsoon rains , stocks



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Security in place for Obama as police hope for ‘peaceful’ visit
  • Retired SC justice Lorenzo Relova; 98
  • Ligots fight 2nd forfeiture case
  • PH will be partly cloudy in afternoon, evening—Pagasa
  • Ex-COA chief nabbed for plunder
  • Sports

  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • NLEX roars to 7th D-League win
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Afghan hospital guard kills 3 US doctors, including Fil-Am pediatrician
  • Marketplace