Philippine stock market halts trading as shares fall 10 per cent
The Philippine Stock Exchange halted trading near the end of the trading day Monday after share prices fell more than 10 per cent.
Trading was stopped when the 30-share composite index fell 10.03 per cent, triggering an automatic break that was instituted last month amid volatility in the market.
The suspension was called 37 minutes before the end of Monday's session at noon (0400 GMT). Trading resumed 10 minutes later with the main index continuing to fall, closing 239.66 points, or 12.27 per cent, lower at 1,713.83.
Monday was the first time that trading on the Philippine Stock Exchange had been halted since the "circuit breaker" rule was implemented last month.
Astro del Castillo, managing director of First Grade Holdings, said investors were scrambling to get out of the market and stay liquid amid the global financial crisis.
"Fear is still stalking the market," he said. "The financial crisis has spilled over to the real economy."
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