Philippines suspends financial market amidst country-wide lockdown

The Philippine Stock Exchange has been closed indefinitely.

The Philippines is the first country to suspend its financial market after the closure of the stock exchange and suspension of currency and bond trading, reports Reuters.

The Philippine Stock Exchange cancelled trade until further notice “to ensure the safety of employees and traders” amidst a broader national lockdown.

Fixed income trade was also suspended due to the lockdown, said national treasurer Rosalia de Leon.

The shutdown came after some bourses worldwide closed trading floors or paused trade after downturns in market value, but this is the first blanket halt.

The move has attracted the attention of analysts who speculate that other exchanges may follow suit.

Here's more from Reuters.

Photo courtesy of Wikimedia Commons.

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