Philippine financial markets shut after volcano spews ash over Manila

World

MANILA (Reuters) – Philippine financial markets were shut on Monday to ensure the safety of employees and traders after a volcano near Manila spewed huge volumes of ash that drifted across the nation’s capital.

The suspensions cover stocks, fixed-income, and dollar-peso spot trading.

Regular fixed-income trading and settlement operations were expected to resume on Tuesday, the operator of the country’s fixed-income trading platform, PDS Group, said in a statement.

Separately, the Bankers’ Association of the Philippines encouraged banks to exercise discretion to ensure the safety of their employees.

Clearing and settlement operations at the Securities Clearing Corporation of the Philippines have also been suspended, the Philippine Stock Exchange said.

Thousands of people were evacuated from the area near Taal volcano in Batangas province after it suddenly shot a column of ash and steam as high as 15 km (9 miles) into the sky on Sunday, forcing the cancellation of flights and closure of schools and government offices.

Reporting by Enrico dela Cruz; Editing by Himani Sarkar & Kim Coghill

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