PSE CEO Ramon Monzon Speaks on Delayed Opening of Trading Market
PSE CEO RAMON MONZON – The President of the Philippine Stocks Exchange revealed the reason behind the delay in the market opening.
A lot of people in the Philippines are growing their money through stocks exchange or trading. They engage with the trading facilitated by the Philippine Stocks Exchange. More commonly called PSE, it is the national stock exchange of the country and has listed 275 companies.
The PSE was born out of the merging of Manila Stocks Exchange and Makati Stocks Exchange in 1992. Its main index got 30 companies and the national stocks exchange is basing their inclusions on a criteria set.
Daily, many Filipinos get up early as they await the opening of the PSE market to trade stocks. However, for today, January 4, 2022, an unexpected delay took place.
Initially, the Philippine Stocks Exchange just confirmed the delay but no reason was indicated. It assured the public to provide further information regarding the matter.
An update about the delay in the opening of the market recently crossed the surface. Based on a social media post of Inquirer business reporter Miguel R. Camus on Twitter, PSE chief Ramon Monzon said that the delay was due to the inaccessibility of 43 brokers to the stock exchange’s trading engine.
According to PSE chief Ramon Monzon, it is a protocol of the stock exchange to halt trading if 1/3 or more of the brokers cannot connect to the trading engine. Meanwhile, he assured that the PSE trading platform, NASDAQ, and its front-end system, FLEXTRADE, are already checking on the matter to determine the cause of the problem and come up with a solution.
PSE president & CEO Ramon Monozn on delayed market open. @InquirerBiz pic.twitter.com/Gq3moQr4kT
— Miguel R. Camus (@miguelrcamusINQ) January 4, 2022
With regards to the January 3 records of the trading, the PSEi closed at 7,041.27 – it is down by 81.36 points or 1.14 percent. The volume turnover of the stocks exchange ended at 722.25 million shares with its value turnover finishing at P4.26 billion yesterday.
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