Philippine stocks rose after trading was delayed for an unspecified reason.
(Bloomberg) — Philippine stocks rose after trading was delayed for an unspecified reason.
The Philippine Stock Exchange Index gained as much as 0.4%. The market opened at 10:08 a.m. local time, instead of the usual 9:30 a.m.
The bourse was “resolving the technical issue that caused the delay in the market open,” it said in an earlier tweet.
A little more than one year ago, the bourse had to cancel trading for a full day following a system glitch that prevented 43 stock brokers from connecting into its trading platform. Under its protocol, the bourse has to cancel trading if a third or more of its brokers are unable to connect.
The benchmark PSEi entered a bull market on Jan. 13 and is now up 23% from a Sept. 30 low. Philippine equities have benefited from foreign fund inflow as a weakening U.S. dollar boosts bets inflation already peaked while the central bank has signaled local rate hikes could end this quarter.
–With assistance from Andreo Calonzo.
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