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Philippine stocks plunge nearly 25% after virus trading halt

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The Philippine Stock Exchange index suffers a record fall as trade resumes on Thursday, March 19.

and reopened the market on Thursday after the government exempted it from the lockdown.

The Philippine Stock Exchange index dropped 24% from the close Monday, March 16, just seconds after the opening bell, triggering a 15-minute trading halt."We were kind of expecting that the market would open quite low, especially after a two-day halt in trading," exchange president Ramon Monzon said.

Monzon said he was in talks with Philippine regulators to implement new measures to stem market volatility, which could include additional intraday trading suspensions. The index pared back losses in later morning trade and was down 11.9% shortly before the lunch break.

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