Local stocks plunge to historic lows but stage modest recovery

It was a bloody Thursday at the Philippine Stock Exchange, with share prices taking their steepest fall in history shortly after the market reopened.

Shares plunged to 4,623.42 for the day, down by 13.34 from the previous session. At its lowest, the PSE Index plumbed 4,039.15 points, down by over 24 percent from the previous trading day, but it then staged a recovery that was sustained until closing time. The government early this week restricted movement and business operations in the entire Luzon, only allowing workers in critical industries like healthcare, food preparation, banks, groceries, and media to report to work while the rest were told to stay at home. Malls and offices have been shut, with the state appealing for work-from-home arrangements until mid-April.At the open on Thursday, shares quickly plummeted by 12.4 percent to 4,673.

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