Reports: Glitch causes temporary halt in PSE trading

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(File photo)

Metro Manila (CNN Philippines) — According to several online brokerage firms, an error in the Philippine Stock Exchange's (PSE) online platform, PSETradex, caused the market to halt for nearly 45 minutes on Tuesday (August 18).

The market was halted reportedly due to incorrect reference prices reflected in PSETradex.

Trading stopped at around 10:31 a.m. and resumed at 11:15 a.m.

Trading hours were not extended in accordance with trading rules, brokerage firm COL Financial said.

According to the PSE, PSETradex is a service that allows brokerage firms to offer a web-based trading platform to their respective clients, without having to develop their own online trading facility.

Under the service, users can trade shares of stock, monitor the order status and manage the stock portfolio, and gather relevant market information through their computers.

Online brokerage accounts have surged over the past few years, according to figures from the Philippine Stock Exchange, Inc. (PSEi).

In a statement, PSE President and CEO Hans Sicat said that such accounts now comprise more than a quarter (27 percent) of total stock market accounts, from a mere 6 percent share in 2009.

Similarly, the PSE's 2014 Stock Market Investor profile report revealed that online accounts surged by 35.1 percent to 174,592 in 2014, from the previous year's 129,255. Retail accounts accounted for virtually all (99.6 percent or 173,895) of 2014's online total.

CNN Philippines tried to reach the PSE for comment. As of 12 noon (August 18), the exchange has yet to release a statement.

This is a developing story.