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Philippine Markets Shut as Waist-High Storm Waters Flood Capital

Philippine financial markets were closed on Tuesday along with government officesand schools
as heavy overnight rains flooded parts of the capital Manila and nearby provinces.

Currency, stocks and bonds trading were suspended after the office of President Rodrigo Duterte
halted work in government offices, Bangko Sentral ng Pilipinas Governor Nestor Espenilla said.
At least five domestic flights were canceled, according to the Manila International Airport
Authority.

Flood waters were waist-deep in some parts of Manila, blocking several traffic arteries including
the Epifanio de los Santos Avenue connecting the northern and southern parts of the city,
according to the Metropolitan Manila Development Authority.

With another typhoon moving closer to the northeastern Philippine coast, the current storm is
forecast to land in Quezon or Aurora province north of the capital on Tuesday afternoon, the
local weather bureau said.

The Philippines, battered annually by an average of 20 cyclones that form over the Pacific
Ocean, is among countries most vulnerable to climate change. Super Typhoon Haiyan, one of the
strongest storms in the world to hit land, killed more than 6,000 people in 2013.

Espenilla said there is an automatic market suspension if government offices were shut before
9 a.m. The Philippine Stock Exchange and the Philippine Dealing & Exchange Corp. also issued
advisories on suspension.

With assistance by Ian C Sayson, Andreo Calonzo, and Ditas B Lopez


https://www.bloomberg.com/news/articles/2017-09-12/philippine-markets-shut-as-waist-high-
storm-waters-flood-capital
Philippine stocks close above 8,300, track Wall
Street gains
MANILA, Philippines Philippine stocks hit a new milestone again, closing above the
8,300 mark as record closes on Wall Street and upbeat US economic data lifted
investor sentiment here.

The Philippine Stock Exchange index (PSEi) on Tuesday, October 3, closed at an all-
time high of 8,312.93, up by 56.65 points from Monday, October 2.

The broader All Shares index also posted gains, up by 24.64 points to 4,892.00.
Meanwhile, 5 of the 6 sectoral indices were in the green, with the services and
financials sectors posting gains of over 1%.

"Our markets soared to a new high today, climbing further into record territory in sync
with US markets also hitting new highs in yesterday's closing. Investors continue to
remain bullish about the prospects of the Philippine economy," PSE president and chief
executive officer Ramon Monzon said in a statement.

Year to date, the PSEi has gained 21.5%.

"Philippine stocks broke new ground once more and US stock benchmarks traded in
record territory Monday afternoon, as equities resumed a steady run-up that could set
the tone for the final 3 months of 2017," Marita Limlingan, president of Regina Capital
Development Corporation, said in a note.

"The moves for stocks occurred amid an upbeat tone on Wall Street despite a mass
shooting event in Las Vegas that is being described as the worst in US history,"
Limlingan added.

On Wall Street on Monday, Reuters reported that US stocks opened the last quarter of
2017 on a strong note, with all 3 major indices at record highs after economic data
highlighted strength in the economy.

This upbeat performance of the US economy was reflected across Asian stocks.

Japan's Nikkei stock index closed at a two-year high on


Tuesday, Xinhua reported. Reuters, meanwhile, said Thailand shares closed at their
highest level since January 1994.

The Philippine Statistics Authority (PSA) on Thursday, October 5, is set to release the
September consumer price index. Rappler.com