MANILA, Philippines—The Philippine Stock Exchange will extend trading hours until 1 p.m. starting Monday next week as part of preparations for cross-border trading with Southeast Asian neighbors.
The current trading hours at the local bourse are 9:30 a.m. to 12:10 p.m.
By Jan. 1, 2012, the trading hours will be extended further into the afternoon but with a lunch break in between. The morning session will be from 9:30 a.m. to 12 p.m. while the afternoon session will be 1:30 p.m. to 3:30 p.m.
On Monday, the PSE suspended stocks trading, citing lack of clearing facilities due to inclement weather brought by Typhoon Pedring.
“Government offices have been suspended, including the Bangko Sentral ng Pilipinas, due to inclement weather condition. Likewise, there will be no SCCP [Securities Clearing Corporation of the Philippines] clearing and settlement of trades today [Monday],” PSE president Hans Sicat explained.
Meanwhile, retailer Puregold Price Club Inc., which is undertaking an initial public offering, also advised the PSE that the submission of trading participants of firm undertaking to purchase IPO shares would be no later than 11 a.m. Wednesday at the PSE and Ayala Tektite trading floors.—Doris C. Dumlao