Habagat, ‘Carina’ halts PSE trading

The Philippine Stock Exchange (PSE) halted its trading operations on Wednesday due to turbulent weather brought by the southwest monsoon (habagat) and typhoon “Carina” (international name: Gaemi).

This, after Malacañang suspended work in government offices and classes at all levels in Metro Manila.

Work suspensions for private companies and offices are meanwhile left to the discretion of their respective heads.

Stock analysts citing investors’ awareness of business disruptions due to inclement weather annually battering the country are monitoring how the weather disturbance will affect market performance.

Wait-and-see

“But [we] still wait-and-see on storm damage estimates, just like in other Asian countries,” Rizal Commercial Banking Corporation chief economist Michael Ricafort said.

He added that possible effects on the market would be a function of external or exogenous factors and developments.

“Investors are aware that the Philippines receives around 20 typhoons within its areas of responsibility every year. Hopefully, damage is kept to a minimum in the aftermath,” said Regina Capital Development Corp.’s head of sales, Luis Limlingan.

The local bourse on Tuesday, a day after President Ferdinand Marcos Jr.’s third State of the Nation Address, strengthened by 41.07 points, or 0.61 percent, to close at 6,753.12.