# When can you buy shares if the market is closed?



## aroberts1979 (28 November 2008)

Hi all,

I'm new to shares and was wondering if the following statement is correct (i.e. you can only buy shares or join the line on weekdays from 8.30 am). Does the first person to purchase shares at 8.30 am Monday get the closing price from the Friday? Another question: does the market only become active from 10am and why is there a time delay e.g. with BHP/RIO the other day?

Here's what I read:

You can place a trade at any time over the internet or over the phone from 8am AEST to 7pm AEST on any trading day. However, market orders can only be placed during market opening hours which are 10am AEST to 4pm AEST, any other time you need to select a limit order. If you place an order outside the opening hours of the ASX, your order will go into a queue of orders to be placed on the market. Orders are placed onto SEATS from 8.30am AEST and cease to be placed at 4.05pm AEST


Your helps much appreciated!

Anthony


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## jackson8 (28 November 2008)

aroberts1979 said:


> Hi all,
> 
> I'm new to shares and was wondering if the following statement is correct (i.e. you can only buy shares or join the line on weekdays from 8.30 am). Does the first person to purchase shares at 8.30 am Monday get the closing price from the Friday? Another question: does the market only become active from 10am and why is there a time delay e.g. with BHP/RIO the other day?
> 
> ...




 limit orders can be placed anytime over internet but will only show up on seats during morning preopen . they will sit in the auction queue until market moves either direction and are filled. at end of day some brokers will clear these and may require reentering if not filled previous day
at market orders can only be placed 10 -4 and are filled straight away

the market opens over a 10-15 minute time frame , from memory industrials first A-Z then mining A-Z

bhp/rio opened later because of previous nights announcement concerning takeover  ......someone else may know finer details

and no previous days close has nothing to do with the next days open

asx website has heaps more information  ....this is just a very quick brief


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## noirua (29 November 2008)

aroberts1979 said:


> Hi all,
> 
> I'm new to shares and was wondering if the following statement is correct (i.e. you can only buy shares or join the line on weekdays from 8.30 am). Does the first person to purchase shares at 8.30 am Monday get the closing price from the Friday? Another question: does the market only become active from 10am and why is there a time delay e.g. with BHP/RIO the other day?
> 
> ...



Adding to this, there are the foreign orders placed via foreign brokers who pass orders to their Aussie counterpart. These orders come in first thing, when the person placing the order can give a price with limits. This can lead to confusion with the price bouncing all over the place when fixed prices are given.

I have heard of some larger orders being carried over from London to Australia or vice versa, in an effort to complete an order, where there is a dual listing.
Some adapt investors can profit if one market is out of line with another, though market makers in London tend to spoil the margins, as does stamp duty (payable in London on orders over £1,000.)


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## aroberts1979 (29 November 2008)

Thanks guys for your detailed responses! Much appreciated.
Makes much more sense now.


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## captain black (29 November 2008)

jackson8 said:


> the market opens over a 10-15 minute time frame , from memory industrials first A-Z then mining A-Z




Here's the ASX link that explains how the opening phase works, there's no distinction between Industrial and Mining stocks.

http://www.asx.com.au/resources/education/basics/trading_hours_asx.htm


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## jackson8 (29 November 2008)

captain black said:


> Here's the ASX link that explains how the opening phase works, there's no distinction between Industrial and Mining stocks.
> 
> http://www.asx.com.au/resources/education/basics/trading_hours_asx.htm




Opening Phase
Opening takes place at 10:00 am Sydney time and lasts for about 10 minutes. ITS calculates opening prices during this phase. Securities open in five groups, according to the starting letter of their ASX code:

Group 1  10:00:00 am +/- 15 secs A-B, e.g. ANZ, BHP
Group 2  10:02:15 am +/- 15 secs C-F, e.g. CPU, DVT, ECP, FXJ
Group 3  10:04:30 am +/- 15 secs G-M, e.g. GHP, KYC, LIB
Group 4  10:06:45 am +/- 15 secs N-R, e.g. QAN
Group 5  10:09:00 am +/- 15 secs S-Z, e.g. TLS


yeah sorry about that its all alphabetical not as i stated industrials/mining


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