PSE may defer implementation of longer trading hours to next year

MANILA, Philippines - The proposed extension of the trading hours of the local stock market may be deferred owing to the delay in the implementation of the new trading system and the volatile condition of the capital markets. Last year the Philippine Stock Exchange announced that it was planning to extend the present three-hour trading session of the bourse on or before June 30, 2009. “The new trading system will be implemented in October. Hopefully, we'll be able to implement the new hours of the session within the year, after the launch of the new trading system. But there's a possibility that we may only do it next year," said Francis Lim, PSE president and chief executive officer. The PSE wanted to extend trading until 4 p.m. daily, from its present 9:30 a.m. to 12 noon session. The PSE said the local bourse will have a two- hour break from 12 noon and will resume trading from 2 p.m. to 4 p.m. Extending the trading hours is intended to boost turnover volume by providing foreign investors a bigger window to enter and exit the Philippine market and reflect the movements of other global exchanges. However, Lim said the uncertainty in the overseas markets may lead to the deferment of the extension of the trading hours. Analysts have been complaining about the short hours of the stock trading in the country, saying that the Philippines is among the remaining three countries in the world which implement half-day session. GMANews.TV