Thread: Phillipines : PSE temporarily halts trading as stocks suffer heavy losses

PSE temporarily halts trading as stocks suffer heavy losses
2 hours 45 minutes ago

MANILA, Philippines- For the first time in the 81-year existence of the Philippine Stock Exchange, the regulator has imposed a trading halt rule in a bid to calm the frantic sell-off in local shares which sent the main index falling by more than a tenth of its value.

In a telephone interview Francis Ed. Lim, PSE president and chief executive officer, told GMANews.TV that the PSE has imposed the 15-minute circuit breaker rule from 11:23 a.m. to 11:38 a.m. as the bourse's bellwether Philippine Stock Exchange index plunged 220.70 points or 11.3 percent.

"It's a sad day for us but this is not surprising. We're suffering as much as the rest of the world and this is not caused by internal matters," he said.

Lim added that the PSE resumed trading a few minutes before 12.

"We want to remain market-oriented," he said.

On Friday the Dow Jones industrial average fell 312.30, or 3.59 percent, to 8,378.95. However, stock index futures indicated a moderately higher open, with Dow futures climbing 34, or 0.41 percent, to 8,295. Standard & Poor's 500 futures and Nasdaq-100 futures were also higher.

Astro del Castillo, managing director at First Grade Holdings, noted that investors' sentiment was "really bad"

"This is a marathon looking for a cure. No one can't stop this fall," he said.

Del Castillo added that for the rest of the week, until investors are convinced that the global economy is on its way to recovery, local stocks will be "on a roller-coaster ride with a downward bias."
GMANews.TV

ph.news.yahoo.com

I like how all the markets can be stopped with a pause button when things aren't going their way.

Originally Posted by Mid

Del Castillo added that for the rest of the week, until investors are convinced that the global economy is on its way to recovery, local stocks will be "on a roller-coaster ride with a downward bias."

Just for the rest of the week? Everythings gonna be smelling of roses on Friday?
Nonsense!

Originally Posted by BugginOut

I like how all the markets can be stopped with a pause button when things aren't going their way.

If only there was a rewind button..