Bloomberg News

Typhoon Nesat Forces Suspension of Philippine Markets Today

September 26, 2011

(Updates with suspension of stock market in second paragraph.)

Sept. 27 (Bloomberg) -- Philippine authorities suspended trading in the stock, bond and currency markets today as Typhoon Nesat made landfall in the Southeast Asian nation, shutting schools and government offices.

Trading at the Philippine Stock Exchange is halted today due to inclement weather and “lack of clearing facilities,” its President Hans Sicat said in a memorandum posted on the bourse’s website today. Government bonds and currency trading is suspended, central bank Deputy Governor Diwa Guinigundo said in a mobile-phone text message.

The eye of the storm, locally known as Pedring, was at 40 kilometers east of Aurora, a province east of the capital, at 4 a.m. local time today, with maximum winds of 140 kilometers per hour and gusts of up to 170 kilometers per hour, the Philippine Atmospheric, Geophysical & Astronomical Services Administration said on its website today.

--Editors: Stephanie Phang, Chris Anstey

To contact the reporter on this story: Karl Lester M. Yap at kyap5@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net


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