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Tuesday, March 17, 2020

Philippines suspends trading on stock exchange over Coronavirus

The Philippine Stock Exchange (PSE) on Tuesday March 17,2020 suspended trading operations. It is the first stock exchange in the world to close down owing to the recent COVID-19 (Coronavirus SARS-CoV-2) outbreak

The closure will be in effect "until further notice to ensure the safety of employees and traders in light of the escalating cases of the coronavirus disease (Covid-19)" said Ramon Monzon, president and CEO of the exchange

The PSE said that its decision to halt operations was connected to a lockdown of the Philippines' main Luzon island, which is home to nearly 57 million people. Philippines President Rodrigo Duterte announced Monday that the lockdown would continue till April 12

The PSE expects the closure of operations to ensure the safety of its employees and traders. The exchange had given an indication of slowing down operations in February, when it postponed all of its major activities in March.

The PSE had also shortened its trading  hours from 8:30 a.m. to 1 p.m. from March 17 to April 14.




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