Under what circumstance or situation will my order be blocked/rejected?
Your order may be blocked or rejected when any of the following events happen:
- No available or insufficient funds in your online trading account.
- If you do not have available or sufficient funds to buy a stock, the Buy page will display a pop-up error message- “Order is invalid. Total Amount must be less than or equal to Available Cash.” In this case, you may re-enter your buy order for an amount covered by your available funds or fund your account by making additional deposits or selling stocks in your online trading account.
- No stock or insufficient number of shares in your online trading account.
- If you are selling stocks that you do not have or are selling more shares than what you have in your account, the Sell page will display an “Order Blocked – Your sell order is not covered by your position” pop-up error message. This may also occur if you have an outstanding sell order which you have not cancelled and you have posted a new sell order at a different price.
- Placing an order after the market closes, but during the Run-off Period (between 02:50 p.m. and 03:00 p.m.) at a price other than the closing price of that issue for that day. Orders entered/submitted during the “Run-Off Period” should be at the closing prices of the stock. The order will be rejected, and the Order History page will display an error message.
- Placing an order that is not in the prescribed board lot. The PSE requires that shares be traded in fixed minimum numbers of shares called “board lots” depending on the stock price range. If an order is placed for a stock that is not in the prescribed board lot, you will not be able to submit that order in the Buy/Sell page.
- Placing an order at a price that is not at the correct “price tick or fluctuation”. Depending on the stock price range, prices may change only in fixed steps called price ticks or price fluctuations. Orders, therefore, must be at prices that are in the multiples or price fluctuations of the stock. Otherwise, the Buy/Sell page will display an “Order Failed: Incorrect order limit tick” pop-up error message.
- Placing an order at a price that is above the ceiling for a particular stock for that day. The PSE sets a “price ceiling” for each stock everyday which is not more than 50% above the last traded price of the stock prior to the current trading day. If an order is entered at a price above the price ceiling for that stock, the order will be rejected and the Order History page will display a “(299): Trade Rule – Price limit exceeded” error message. (Note: IPO Listing Day and other special circumstances as advised by PSE are exempt from this)
- Placing an order at a price that is below the floor price for a particular stock for that day. The PSE sets a “floor price” for each stock everyday which is not more than 40% below the last traded price of the stock prior to the current trading day. If an order is entered at a price below the floor price for that stock, the order will be rejected and the Order History page will display a “(295): Trade Rule – Price limit exceeded” error message.
- Canceling an order during the Pre-Open Period. Orders cannot be cancelled during the Pre-Open Period (between 9:00 am to 9:30 am). If cancellation is entered during the Pre-Open Period, the order will be rejected and the Order History page will display a “(771): Orders cannot be amended at this time” error message.
- As a foreigner, buying stocks which are prohibited for foreigners.