Philippines exempts financial markets from coronavirus shutdown

By Karen Lema and Tom Westbrook MANILA/SINGAPORE (Reuters) - The Philippines exempted its financial trading platforms from strict coronavirus quarantine procedures on Tuesday, paving the way for the resumption of trading at its stock, bond and foreign exchange markets this week, government officials said. The Philippines became the first country on Tuesday to close its financial markets due to the outbreak after some bourses around the world closed trading floors or paused trade after big falls in market value. The Philippine Stock Exchange said it will resume trading on Thursday, while the currency and bond markets were allowed to reopen as early as Wednesday, although they have yet to announce an exact date.

Reuters March 18, 2020 02:06:01 IST
Philippines exempts financial markets from coronavirus shutdown

coronavirus shutdown" src="https://images.firstpost.com/wp-content/uploads/reuters/03-2020/18/2020-03-17T065000Z_1_LYNXMPEG2G0KH_RTROPTP_2_SOUTHEASTASIA-STOCKS.jpg" alt="Philippines exempts financial markets from coronavirus shutdown" width="300" height="225" />

By Karen Lema and Tom Westbrook

MANILA/SINGAPORE (Reuters) - The Philippines exempted its financial trading platforms from strict coronavirus quarantine procedures on Tuesday, paving the way for the resumption of trading at its stock, bond and foreign exchange markets this week, government officials said.

The Philippines became the first country on Tuesday to close its financial markets due to the outbreak after some bourses around the world closed trading floors or paused trade after big falls in market value.

The Philippine Stock Exchange said it will resume trading on Thursday, while the currency and bond markets were allowed to reopen as early as Wednesday, although they have yet to announce an exact date.

"They assured the authorities that necessary safeguards to ensure the safety of their employees and the community they interact with are in place," the Department of Finance and Bangko sentral ng Pilipinas said in a joint statement.

While the Philippine shutdown was prompted by health reasons, amid a broad nationwide lockdown, it had raised the prospect other exchanges may follow.

Global markets are in meltdown as the pandemic spreads, with roughly $14 trillion in shareholder value erased and even safe assets such as gold have been sold to cover losses. [MKTS/GLOB]

In Malaysia, where a similar lockdown comes into force on Wednesday, the securities regulator said all capital markets will operate as usual.

Settlement of trades in Sri Lanka is due to be available on Wednesday, though it is unclear if trade will resume before the nation is set to return from holidays on Friday.

CME Group Inc last week shut its storied trading floor in Chicago, to reduce large gatherings, and Mideast bourses have taken similar measures, though electronic trade remains available.

The Philippines benchmark index <.PSI> fell 8% on Monday and is down 20% for March so far, already its worst month since October 2008, while bond prices have also collapsed. [.SO]

The yield on 10-year government debt , which rises when prices fall, jumped 63 basis points on Monday, the sharpest rise since September 2018.

(Reporting by Karen Lema and Neil Jerome Morales in Manila, Tom Westbrook in Singapore and Liz Lee in Kuala Lumpur; Editing by Giles Elgood and Nick Macfie)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Greek police clash with protesters in rally against mandatory vaccinations
World

Greek police clash with protesters in rally against mandatory vaccinations

ATHENS (Reuters) - Greek police used teargas and water cannon to disperse people who had gathered in central Athens on Saturday to protest against mandatory COVID-19 vaccinations. More than 4,000 people rallied outside the Greek parliament for a third time this month to oppose mandatory inoculations for some workers, such as healthcare and nursing staff.

Two Turkish soldiers killed in attack in northern Syria
World

Two Turkish soldiers killed in attack in northern Syria

ISTANBUL (Reuters) - Two Turkish soldiers were killed and two were wounded in an attack on their armoured vehicle in northern Syria, and Turkish forces immediately launched retaliatory fire, Turkey's defence ministry said on Saturday. "Our punitive fire against terrorist positions is continuing," the statement on Twitter on said. It did not specify where the attack occurred, but media reports said it was in the al-Bab area.

Brazilians take to streets again to demand Bolsonaro's impeachment
World

Brazilians take to streets again to demand Bolsonaro's impeachment

By Marcelo Rochabrun SAO PAULO (Reuters) - Protesters took to the streets in several Brazilian cities on Saturday to demand the impeachment of far-right President Jair Bolsonaro, whose popularity has fallen in recent weeks amid corruption scandals against the backdrop of the pandemic. This week, news broke that Brazil's defense ministry told congressional leadership that next year's elections would not take place without amending the country's electronic voting system to include a paper trail of each vote. Bolsonaro has suggested several times without evidence that the current system is prone to fraud, allegations that Brazil's government has denied