Monday, August 19, 2013

Floods Shut Philippine Markets Tuesday - Wall Street Journal (blog)

MANILA–Philippine spot currency, bond and stock markets will remain closed Tuesday as torrential rains worsen flooding in the capital.

The Philippine central bank said that as a matter of protocol, it will suspend work after the presidential palace cancelled work Tuesday. This means clearing and settlement of banking transactions, including those in the spot currency market, will be suspended as well.

The Philippine Stock Exchange also had to recall its earlier announcement that trading will resume Tuesday. This is the second day in a row that trading in Philippine financial markets will be cancelled.

The government announced at dawn Tuesday that work will resume after Monday's suspension but had to recall that order several hours later due to severe flooding in Metropolitan Manila and several nearby provinces.

Government work and trading in financial markets were suspended Monday, the fourth time that bad weather has shuttered markets since 2006.

Heavy monsoon rains since Sunday has been intensified by Tropical Storm Trami, now located northeast of the main island of Luzon.
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