MANILA— The Philippine stock market on Thursday crashed 24% to its lowest in more than eight years after trading resumed following a two-day suspension and as the coronavirus pandemic rocked global investor sentiment.
It extended this decline to 24% when trade resumed, making theWeaker stocks outnumbered advancers by nine to one.became the first country on Tuesday to completely close financial markets due to the outbreak. Some bourses elsewhere had already closed trading floors or paused trade after big falls in market value. The country’s foreign exchange and bond trading platforms resumed operations on Wednesday.
“Investors are not comfortable aggressively participating in the market,” Astro del Castillo, managing director at First Grade Finance in Manila, told Reuters. “The outbreak is still uncontrolled. The numbers of infected in the country increasing.”has tallied 202 coronavirus infections and 17 deaths, mostly reported over the past two weeks. The government is scrambling for more kits to widen tests.
The central bank is widely expected to cut rates by at least 25 basis points at its policy meeting Thursday afternoon to buttress the economy.on Monday put more than half of the country’s 107 million people on home quarantine and ordered non-essential businesses to shut or operate remotely for the next month.
Coronavirus infections surged across Southeast Asia on Wednesday with Indonesia’s death toll jumping from five to 19 and Malaysia warning of “a tsunami” of cases if people did not follow new restrictions on movement.
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Local stocks suffer biggest fall to 4,000 level as coronavirus forces Luzon-wide quarantineBREAKING: It was a bloody Thursday at the Philippine Stock Exchange, with shares taking their steepest fall in history as markets reopened for trading Our Philippine economy is very VULNERABLE by this LuzonLockdown quarrantine against COVID19. I do wish that the lockdown would be lifted as early as two weeks & not longer than one month. To save our Philippine economy. So that we won't have more poor people! i can't understand why these dimwits at pse insist to reopen the stock market 💩 weve been fooled by china. after releasing the virus and watching the world economy collapse... check whos economy is doing great at this time of crisis... stocks, gold, production of goods... while everyone else runs out of supply... whos goin to be the main supplier now?
Source: CNN Philippines - 🏆 13. / 63 Read more »