Philippines Moves Back to Half-Day Stock Trading as Virus Surges
Philippine Stock Exchange to Cut Trading Hours Due to Covid
(Bloomberg) -- Philippine stock trading is set to move to half day sessions starting January 14 through the end of the month amid a surge in omicron cases, according to the local exchange.
Trading will start from 9:00 am pre-open and close at 1 p.m., Philippine Stock Exchange President Ramon Monzon said in an advisory.
The setback comes just a month after the bourse returned to full day trading as Covid-19 cases ebbed. Infections in the country took a turn for the worse in recent weeks, hitting records and prompting the government to put Manila and surrounding provinces under strict mobility curbs. An even more stringent lockdown is anticipated should hospitals get swamped with patients.
Fears that a worsening pandemic may bring harsher curbs and hurt the economy caused wild swings in the country’s equities at the start of the year. The benchmark stock index lost 1.6% in the first week of 2022, and gained on Monday before retreating on Tuesday.
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