THE PHILIPPINE Stock Exchange (PSE) has deferred plans to adopt a new trading system along with extended hours, moves it had said were aimed at luring investors.
"I do not know yet when we are going to implement afternoon trading. The new trading system should go first, if not be simultaneous with the afternoon trading," PSE President Francis Ed. Lim yesterday said.
He declined to elaborate, only saying that the priority was the new trading system, which would now be launched in October instead of at the end of June.
The plan to extend trading was approved in August last year in a bid to add investors and boost volumes. It involves two sessions: one from 9:00 a.m. to 12 noon and off-floor trading from 2:00-4:00 p.m., with a 10-minute runoff period from 3:50 p.m.
It was supposed to coincide with the introduction of the NSC system, which is to replace the current Mak Trade mechanism. Officials had said NSC would "exponentially improve the capacity of the PSE to handle any future sharp increase in its value turnover" and that it had "the capability to handle sophisticated capital market instruments, including those that are only in the development stage."
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