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Stock market falls, enters bear territory

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The Philippine Stock Exchange (PSE) index plunged to a 52-week low Monday, March 9, as health authorities confirmed more new COVID19 cases and Malacañang released Proclamation No. 922 declaring the country under a State of Public Health Emergency. |Read:

THE Philippine Stock Exchange index plunged to a 52-week low Monday, March 9, as health authorities confirmed more new Covid-19 cases and Malacañang released Proclamation No. 922 declaring the country under a State of Public Health Emergency.It was the biggest single-day drop since October 27, 2008, when the index fell by 12.27 percent on reports that the Lehman Brothers had filed for bankruptcy, sparking a global financial crisis.

In Saudi Arabia, falling oil prices led to steep drops on Riyadh’s stock exchange. The state oil giant Saudi Aramco led the losses, dropping by 10 percent and forcing a halt to Aramco's trading. Passengers were disembarking the Regal Princess early Monday after it received clearance to dock in Florida. Tests of two crew members eyed as possible carriers of the virus came back negative.

 

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