Technical glitch shuts Philippine Stock Exchange

Trading on the Philippine Stock Exchange (PSE) was canceled on Tuesday, January 4, due to technical problems in establishing connections with the trading platform and the front-end system.

According to PSE president and chief executive officer Ramon Monzon, 43 of the 125 trading participants were unable to connect to the exchange’s trading engine.

In a memorandum released Tuesday afternoon, Monzon said there were problems in establishing a connection between the NASDAQ trading engine and the Flextrade front-end system.

Under revised rules of the PSE, trading in the market could be halted if a third of the trading participant-users cannot access the trading system.

“PSE continues to work and coordinate closely with representatives of NASDAQ and Flextrade to identify the underlying cause of the above-described production issue and come up with the appropriate solution,” Monzon said.

“We are sorry about this unfortunate incident and we are exerting all efforts to resolve the problem,” he added.

Based on its schedule, the local bourse pre-opens at 9 a.m., and officially opens at 9:30 a.m. This is followed by a market recess at 12 p.m., before resuming at 1 p.m.

The PSE then pre-closes at 2:45 p.m. before a run-off at 2:50 p.m., followed by the official close of the market at 3 p.m.

The local stock barometer shed 81.36 points or 1.14% to 7,041.27 on Monday, January 3, the first trading day of the year. — RSJ, GMA News