The Philippine Stock Exchange (PSE) has announced that the second day of trading under the New Trading System (NTS) concluded successfully despite another glitch that started from pre-opening period.

The market opening was delayed by 10 minutes due to an overnight operational error which was rectified early in the day, said the PSE adding that the market opened successfully at 9:40 a.m. without incident.

However, stock quotations being carried by newspapers were not available at press time.

"Migrating to a new core trading system is a major undertaking for any exchange, as well as a significant transition for all participants. Whilst we have had some birth pains, the superiority of the NTS will become apparent as trading participants and investors become more familiar with the system," said PSE chief operating officer Val Suarez.

The PSE added that Monday's error in the index calculation was due to a data migration problem to the new system but all index values were correctly calculated on Tuesday.

The bourse further stressed the integrity of the NTS supplied by NYSE Technologies and noted that it had performed correctly and to specification.

"The problems encountered during the launch on Monday were related to the transition from the legacy MakTrade system to the new system," added Suarez.

Last Monday, brokers blamed the glitches encountered by the NTS as well as unfamiliarity with the new system for the anemic trading volume.

“Whatever benefits the new trading system were intended to be, were overshadowed by the confusion, particularly over the new price fluctuations table. Obviously investors took to the sidelines as evidenced by the thin value turnover of P1.3 billion,” said Justino Calaycay Jr. of Accord Securities.