• 13 mins Russia Aims To Become World's Top Gold Producer
  • 16 hours Global Tech Stocks On Edge Over Trump TikTok Ban
  • 22 hours Cobalt Squeeze Threatens The Electric Vehicle Boom
  • 2 days COVID Has Sparked A Surge In Cybercrime
  • 2 days Precious Metals Bulls Still Have Plenty Of Room To Run
  • 3 days The U.S. Has The Tech To Go Green, But Will It Use It?
  • 3 days Massive Losses Force Russian Commodities Giant To Slash Dividends
  • 4 days Markets Up On Stimulus Hope
  • 4 days UK To Invest In Europe's First Geothermal Lithium Recovery Plant
  • 5 days TikTok Takes Center Stage In US-China Tech War
  • 5 days Are Semiconductor Stocks Overvalued?
  • 6 days Jobs Report Doesn’t Say Much Amid COVID Uncertainty
  • 6 days Crypto FOMO Heats Up As Bitcoin Climbs Above $11,000
  • 7 days Aluminum Is Bouncing Back In China
  • 7 days The Deep-Sea Mining Debate
  • 8 days Markets Trending Down Despite Tech Blow-Out
  • 8 days Big Oil Battered On Dismal Earnings
  • 9 days Russian Billionaire Bails On Mid-Sized Gold Miner
  • 9 days Gold Stocks Gear Up For A Big Autumn
  • 10 days America Is Looking To Bring Nuclear Power To Space
Massive Losses Force Russian Commodities Giant To Slash Dividends

Massive Losses Force Russian Commodities Giant To Slash Dividends

The coronavirus-fueled demand destruction of…

Global Tech Stocks On Edge Over Trump TikTok Ban

Global Tech Stocks On Edge Over Trump TikTok Ban

The immediate result of Trump’s…

Are Semiconductor Stocks Overvalued?

Are Semiconductor Stocks Overvalued?

Semiconductor stocks have experienced significant multiple…

  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