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Philippine financial markets shut after volcano spews ash over Manila

Monday, January 13, 2020, 11:11 GMT+7
Philippine financial markets shut after volcano spews ash over Manila
At least 10,000 people have sought refuge in evacuation centres as homes and streets near Taal were coated in fine grit. Photo: AFP

MANILA -- 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.

Reuters

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