Restricted Market Trading Comments

As the week commences, Covid-19 related measures for restricted markets remain largely unchanged. Markets such as Philippines and India are still operating in a reduced trading environment. While in Nigeria we continue to experience liquidity issues. Please see below for trading commentary.

Effective July 17, Kazakhstan has returned to normal trading hours and as a result this will not feature here going forward.

Pakistan: Effective July 13, the Pakistan Stock Exchange (PSX) have implemented revised trading hours until further notice. The exchange will operate from 9:15am to 3.30pm Monday to Thursday and 9:00am to 4:30pm on Fridays. The State Bank of Pakistan (SBP) has yet to make any announcements regarding amended FX hours and as a result there will be no change to the current operating hours.

Indonesia: Effective June 29, the Central Bank of Indonesia announced they will extend the reduced FX and bond market trading hours until July 15. The revised hours of operations are now 9:00am until 3:00pm, compared previous trading hours from 8:00am until 4:00pm.

Sri Lanka: On June 1, local banks extended their COVID-19 trading hours. Banks are now operating on an amended schedule of 8:30am to 3:00pm 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.

Philippines: On May 14, the Philippine government extended the nationwide lockdown until further notice. 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.

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.

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

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.