Restricted Market Trading Comments

By Dara O’Sullivan, Derrick Leonard, and Ilan Solot

 Covid-19 related measures for restricted markets remain largely unchanged this week. Philippines, Bangladesh and Kuwait have extended their lockdown periods, while Kenya and Nigeria continue to face limited liquidity. Please see trading comments below


Sri Lanka: On May 26, the Colombo Stock Exchange (CSE) extended their COVID-19 trading hours. Banks are now operating on an amended schedule of 8:30am to 2:00pm local time. Previously, banks were operating on a reduced schedule of 8:30am to 1:15pm to facilitate with trading, settlement, cash clearing and FX related activities.


Bangladesh: Effective May 31, the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) resumed trading. The new trading hours are 10:30am to 1:30pm Sunday through Thursday. Banks will continue to operate on the reduced hours to facilitate cash clearing and FX activity. The DSE and CSE had been closed since March and have adapted reduced trading hours in response to COVID-19.

Indonesia: On May 27, Bank Indonesia and the Central Bank of Indonesia announced they will extend the reduced FX and bond market trading hours until June 15. The revised hours of operations are now 9:00am until 3:00pm, compared previous trading hours from 8:00am until 4:00pm.

Pakistan: Effective May 28, local banks have extended their COVID-19 operating hours by an additional thirty minutes. From Monday to Thursday trading hours have been amended to 10:00am to 4:30pm. On Fridays, they continue to operate a single trading session only on Fridays from 10:00am to 1:00pm. However, they reduced their FX trading hours from 10:00am to 1.30pm on Monday to Thursday and on Fridays from 10:00 to 12:30pm.

Egypt: On May 31, the Central Bank of Egypt (CBE) and the Egyptian Exchange (EGX) resumed normal trading operations. The country had previously been in a nationwide curfew since March with reduced trading hours. With this easing of COVID-19 measures, investors can trade during the normal market hours of 10:00am to 2:30pm

Serbia: The State of Emergency has been lifted, effective May 11. Local depositories and the Belgrade Stock Exchange (BELEX) have resumed operations.

Philippines: On May 14, the Philippine government extended the nationwide lockdown until May 31. The market continues to operate under reduced hours from 9:00 to 14:00. The cut off for FX activity is set at 2:00 pm.

India: The Reserve Bank of India (RBI) announced on April 30 an extension of the current lockdown scenario until further notice. All markets will be open from 10:00am to 2:00pm. For any clients actively trading this market, please continue to observe the current reduced temporary trading hours.

Vietnam: The government relaxed social distancing measures on April 23, but it kept some restrictions in place for high risk areas including Hanoi and Ho Chi Minh. The FX market had been experiencing limited foreign currency liquidity. However, local banks advised there has been a noticeable improvement in liquidity and they are no longer seeing delays in repatriations.

Nigeria: Liquidity issues continue in the Nigerian market. The CBN remains the single largest provider of USD to Foreign Portfolio Investors and as a result, investors are only seeing rare allocations of liquidity. As a result, only a few repatriation requests are being executed. We continue to monitor the liquidity situation and will provide updates as they are received.

Kenya: The market has been experiencing limited USD liquidity and delays in repatriations. The FX market reduced its trading hours on March 30 and now operates from 9:00 am until 2:00 pm until further notice.

Mauritius: Local banks continue to experience liquidity issues. The Stock Exchange of Mauritius (SEM) reopened on April 6 following a period of closure and the banks continue to support trading, settlement, cash clearing and FX activities.


Ghana: The FX market continues to experience limited foreign currency liquidity. Local banks warned about possible delays in repatriations.

Morocco: The Casablanca Stock Exchange (CSE) and the Bank al Maghrib (BAM) shortened their FX and securities deadlines to 2:00 pm until further notice.

Chile: The Chilean interbank FX market reduced its operating hours. The FX market will close at 1:00 pm until further notice.



Saudi Arabia: On May 31, the Saudi Stock Exchange (Tawadul) resumed official market trading hours. As a result, the nationwide curfew in place from 3:00 pm until 6:00 am daily has ended. Normal trading hours of 10:00am to 3:00pm have resumed.

Kuwait: On May 31 the Council of Ministers announced they are beginning a relaxation of COVID-19 measures with a reduced curfew. The new curfew is from 6:00pm to 6:00am daily instead of the previous 24-hour lockdown. As a result, trading settlement and foreign exchange (FX) activities are expected to continue as normal.

Oman: Effective March 29, the Muskat Securities Market (MSM) reduced trading hours in response to Covid-19. The market will now close at 1:00pm until further notice.