Your order may be rejected when any of these 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 “View Balances” page displays the message: “Rejected: Cannot Exceed Limit”. 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 “View Balances” page displays the message: “Rejected: No Stock Position”. Short-selling is not allowed. This may also occur if you have an outstanding sell order that 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 03:20 p.m. and 03:30 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. Otherwise, the “View Balances” page displays the message: “Rejected: Invalid Price: Must Be At Closing Price”.
• Placing an order that is not in the prescribed board lot. The PSE requires that shares be traded in fixed minimum number of shares called “board lots” depending on the stock price range (SEE TABLE). If an order is placed for a stock that is not in the prescribed board lot, the “View Balances” page displays the message: “Rejected: Odd/Mixed Lot Orders Not Allowed”.
• 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 (SEE TABLE). Otherwise, the “View Balances” page displays the message: “Rejected: Invalid Price Fluctuation”.
• 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 “View Balances” page displays the message: “Rejected: Invalid Price. Must Not Exceed Ceiling Price”.
• 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 that is not more than 50% 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 “View Balances” page displays the message: “Rejected: Invalid price. Must Not Be Below Floor Price”.
• Canceling an order during the Pre-Open Period. Orders cannot be cancelled during the Pre-Open Period (between 9:15 am to 9:30 am). If cancellation is entered during the Pre-Open Period, the “View Balances” page displays the message: “Rejected: Cancellation Not Allowed During Pre-Open Period”.