The PSE has informed traders to standby for further announcements, while loud complaints of orders being rejected could be heard from the trading floor at around 10:30 AM.
The Philippine Stock Exchange Index (PSEI) was at 7,198.46, down 34 points or 0.48% before trading was halted.
The PSE flashed a message on the main board asking traders to re-log into their PSEtradex workstations and the Market would resume at 10:58 AM. Ticker appears to be frozen.
Trade halted at PSE pic.twitter.com/8uZ30pN64a
— Warren de Guzman (@wddeguzman) April 8, 2016
Traders say the market has not resumed. The PSEI however did move to 7,200.83, down 32 points or 0.44%.
PSE President Hans Sicat said the technical glitch Friday that halted trading for 41 minutes was due to a network related issue. PSE is currently contacting their third party service providers for further information. He stressed this is very different from the August trading halt that lasted 5 hours.
Sicat declined to blame it on slow internet, saying PSE has to further investigate.
Last year, trading was halted three times in August. On August 25, trade was halted for 5 hours, the longest trading halt ever for the PSE related to a technical glitch.
The halts happened after the current trading system, PSETradeXTS was adopted on June 22, 2015. That system was developed by NASDAQ but the PSE stressed the halts had nothing to do with the new system.
Trading was also halted in May 2014 when an older trading system was in place.
The PSE has a circuit breaker, or a threshold that would automatically suspend trade if volatility becomes excessive. The threshold for that is a change of 10%.
source: www.abs-cbnnews.com
