Ulysses shuts trading floors and halts financial markets climb
Prinz Magtulis (Philstar.com) – November 12, 2020 – 7:57am
MANILA, Philippines — An uptrend in local financial markets was disrupted by Typhoon Ulysses (international name: Vamco) on Thursday after howling winds and torrential rains overnight shut down trading platforms.
In a notice early Thursday morning. Ramon Monzon, president and chief executive of Philippine Stock Exchange, said “there will be no trading” at the local bourse. Clearing and settlement at the Securities Clearing Corporation of the Philippines were likewise suspended.
Separately, the Bankers Association of the Philippines, the industry group overseeing foreign exchange trading, likewise halted operations for the day. PDS Group, which manages the bond market, also closed down its platform.
“Standard procedures for unscheduled holiday and force majeure situations shall be observed and implemented upon the resumption of normal operations,” PDS said in a statement posted on its website.
On Wednesday evening, Ulysses traversed Metro Manila and neighboring areas which just last week were bracing for massive damage from Super Typhoon Rolly that never came after the cyclone weakened dramatically on its way out.
This time, power supply had been cut off in select areas in the capital, while rains persisted on Thursday morning. Internet connection which had become vital while most people work from home during pandemic has been intermittent.
Ahead of the typhoon, President Rodrigo Duterte had cancelled non-essential government work and classes in Metro Manila, Calabarzon, Central Luzon and Bicol.
As soon as trading resumes, financial markets will be coming off from a high ground. The Philippine Stock Exchange index is currently trading at a 9-month high, closing at 7,024.26 on Wednesday before the latest disruption. The benchmark index has gained around 16% since October 29.
The peso, which has appreciated 4.7% against the US dollar so far this year, last traded at 48.27 to the greenback.