Local financial markets have suspended operations in the last two days in deference to the first visit of Pope Francis to the Philippines.
The Philippine Stock Exchange has gone on a holiday break since Thursday (Jan. 16) and has announced that trading would resume on Monday (Jan. 19).
However, there will be no foreign exchange and bond trading until Monday.
Regular clearing of checks and settlement was suspended on Thursday and Friday as the Philippine Clearing House Corp. (PCHC) went on a holiday. Regular clearing and settlement of transactions will resume when the Bangko Sentral ng Pilipinas opens on Monday (Jan. 19).
The Bankers Association of the Philippines (BAP) also announced that selected branches of various commercial banks in Metro Manila would be open to serve their customers while provincial or branches outside the National Capital Region would observe regular banking hours through Monday.
Before last week’s shortened trading week took a break, however, the local stock market ended on a bullish note, marking new highs for the second time this year.
The main-share Philippine Stock Exchange index tested the 7,500 mark in intra-day trade for the first time in history on Wednesday as investors expect the slowdown in oil prices to bring more good than harm to the local economy. Doris C. Dumlao