Philippine stocks veterans see more pain after record plunge

  • 📰 staronline
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 75%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

MANILA: Philippine stocks investors, crushed by the steepest plunge on record, should brace for more pain, according to the country’s seasoned market watchers.

While the Philippine Stock Exchange Index could stage a technical bounce from Thursday’s record 13% loss after a controversial two-day trading halt, it will be a short-lived reprieve.

The virus-fueled global equity sell-off pushed the Philippine stock index down through Thursday by almost 41% since the end of 2019, its worst start to a year, based on data going back to 1987. Its valuation, once among Asia’s highest, has tumbled to about 9 times earnings forecast for the next year, the cheapest in the region after benchmark indexes in Hong Kong, South Korea and Sri Lanka.

A U.S.-listed exchange-traded fund that tracks Philippine shares rose 2.7% on Thursday. The ETF plunged by a record 19% on Monday after the bourse announced it was shutting. With no signs that the viral outbreak has peaked, the Philippine stock index may exceed its 56% peak-to-trough slump during the 2008 global financial crisis, according to Manny Cruz, a strategist at Papa Securities Corp. A dip below 4,000 -- the gauge closed at 4,623.42 Thursday -- is"within the realms of possibility given the fear out there, ” he said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Philippine stocks plunge 25% after 2-day trading halt | The Malaysian InsightLosses were pared back at mid-morning, authorities mulls measures to stem volatility.
Source: msianinsight - 🏆 8. / 63 Read more »

Rupee at record low, stocks drop as US$10 bil exits IndiaS&P BSE Sensex held at a 3-year low after narrowing losses of as much as 7.5%. FMTNews India
Source: fmtoday - 🏆 5. / 72 Read more »