The Philippine Stock Exchange Index plunged 6.8% Monday, its biggest loss since October 2008 and taking its slide from a July high to 25%. With a 5.5% slump, the Jakarta Composite Index was down 22% from a record in February 2018. The markets are following their Malaysia and Thailand peers, which entered a bear market in the last week of February, while Japanese shares also sank into bear territory Monday.
"Cash is king for now for we don’t know how the global economy is exactly affected, ” said Manny Cruz, a strategist at Papa Securities in Manila."What disruption has the virus created and what extent of a slowdown that we will see in the global economy? The crash in global oil prices will create more panic.”
Indonesia’s central bank is stepping up efforts to shield the economy. It’s already cut reserve ratios and signaled more measures to stem a rout in the rupiah and the nation’s bonds, while the government announced $742 million in stimulus. The Financial Services Authority said it will allow companies to buy back shares without shareholders’ approval and ease rules on loan restructuring for sectors hurt by the public health emergency.
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