Philippines takes first step toward longer trading day

The Philippine Stock Exchange has successfully completed the first stage of its plan to lengthen its trading day as it seeks to grow trading activity on its market.
By None

The Philippine Stock Exchange (PSE) has successfully completed the first stage of its plan to lengthen its trading day as it seeks to grow trading activity on its market.

On 3 October continuous trading on the PSE ran from 09.30 through 13.00, compared to its previous hours of 09.30 to 12.10.

The next stage of the extension, which will be implemented at the beginning of next year, will introduce a new afternoon trading session that will run from 13.30 to 15.30.

“This move will align the PSE with its peers in the region and is a positive signal that the local market is ready to take off,” said Hans Sicat, president and chief executive officer, PSE, when the extension was initially announced. “Afternoon trading is also expected to boost liquidity as it enhances the ability of investors to react to developments in other markets in a different time zone.”

In addition to the PSE, other Asian bourses have also embarked on projects to extend their trading days.

On 1 August, the Singapore Exchange's securities market scrapped its lunch break that ran from 12.00 to 14.00, meaning its trading day now runs from 09.00 until 17.00.

Hong Kong Exchanges and Clearing is also planning to cut its two-hour lunch break, first to 90 minutes and then one hour, while the Tokyo Stock Exchange has delayed its planned extension from May until 21 November because of the earthquake in Japan earlier this year.

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