PH stocks see worst bloodbath in 12 years

  • 📰 inquirerdotnet
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 86%

United States News News

United States United States Latest News,United States United States Headlines

The bearish local stock market saw on Monday its worst bloodbath since the global financial crisis 12 years ago as the COVID19 started spreading locally while a collapse in global oil prices stoked global recession fears. | philbizwatcher

The day’s close also marked the PSEi’s weakest finish since Pres. Rodrigo Duterte assumed the presidency in 2016.

Risk aversion intensified as local transmission of COVID19 prompted the government to call for a “code red,” deemed as a “preemptive call to ensure that national and local governments and public and private health care providers can prepare for possible increase in suspected and confirmed cases.” “The recent code red advisory triggered the sell-off. The ticker was glaring red the whole trading period. It’s still difficult to determine when PSEi will be resuscitated,” said Astro del Castillo, managing director at First Grade Investments.

“The worsening health crisis worldwide and its consequences to the global economy are enough reasons for investors to dump their shares today. A clearer government continuity program could ease the nerves of investors,” Del Castillo added.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Philbizwatcher Kahit pa magsara yung PSE na yan!

Philbizwatcher yes, the worst drop so far

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:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines