• 170 days Will The ECB Continue To Hike Rates?
  • 170 days Forbes: Aramco Remains Largest Company In The Middle East
  • 172 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 572 days Could Crypto Overtake Traditional Investment?
  • 577 days Americans Still Quitting Jobs At Record Pace
  • 579 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 582 days Is The Dollar Too Strong?
  • 582 days Big Tech Disappoints Investors on Earnings Calls
  • 583 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 585 days China Is Quietly Trying To Distance Itself From Russia
  • 585 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 589 days Crypto Investors Won Big In 2021
  • 589 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 590 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 592 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 593 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 596 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 597 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 597 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 599 days Are NFTs About To Take Over Gaming?
3 Profitable Market Sectors Amid The Ukraine Crisis

3 Profitable Market Sectors Amid The Ukraine Crisis

As Sir Winston Churchill once…

Cannabis Stocks in Holding Pattern Despite Positive Momentum

Cannabis Stocks in Holding Pattern Despite Positive Momentum

Aurora Cannabis Inc (NASDAQ:ACB) is…

Optimism for an Airline Rebound With First Profits In

Optimism for an Airline Rebound With First Profits In

Rebounding with each holiday travel…

  1. Home
  2. Investing
  3. Stocks

Philippines Halts Stock Trading, 57 Million Quarantined

Philippines

Following two weeks of relentless market turmoil, traders were wondering which country's stock market would be shut down first. Moments ago we got the answer when the Philippine Stock Exchange announced it is suspending trading "until further notice" after the country's President Rodrigo Duterte expanded a month-long lockdown to the entire main island of Luzon.

"Mass transport suspension and work suspension in the private sector plus the mandate of the government to stay at home constrained us to suspend trading and clearing & settlement for now," said PSE Chief Operating Officer Roel Refran, who surely welcomes the opportunity to take a break from the crash in the country's stock market which has wiped out just over a third of market values in since the November highs.

Full PSE statement below:

 

Who's next? Related: China Is Recovering Quicker Than Expected From Coronavirus Outbreak

Earlier on Monday, the CEO of Borsa Italiana, Raffaele Jerusalmi, denied rumors that Italy's stock market would shut even as the rest of the country is effectively on lockdown, when Ansa quoted him as saying that future decisions on closing stock markets "at aggregate level" are in theory possible but would be up to governments acting collectively. Jerusalmi did not say any such moves were imminent or comment on whether they’ve been discussed at any level.

"If there was a decision at the global level, it could be done, but it is not up to us", suggesting that the Philippine closure was a rogue decision, although now that one nation's market is offline it is far more likely that the rest of the world will promptly follow in "coordinated fashion", especially if Trump fails to spark a BTFD panic with his appropriately timed 3:30pm press conference today, timed strategically to coincide with the traditional last 30 minute market ramp. 

By Zerohedge.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment