Inquirer
Black Thursday: Worst day ever for PSEi
Philippine shares plummeted on Thursday, marking the worst daily loss since 2000, as investors grappled with the economic fallout from the worsening COVID-19 pandemic.
The Philippine Stock Exchange index (PSEi) plunged 13.34% or 711.95 points to close at 4,623.42, its lowest in over eight years.
The PSE implemented reduced trading hours from 9 a.m. to 1 p.m. due to market volatility.
The heavy selling prompted the local bourse to implement a circuit breaker, halting trading for 15 minutes after the PSEi dropped 12.4% at the market's opening.
Analysts noted that the rising number of COVID-19 cases necessitates stricter social distancing measures, leading to reduced business activity and slower economic growth.
Massive foreign outflows were recorded, with net-selling at P2.40 billion.
Global equities markets also ended lower as lockdowns were implemented worldwide to curb the spread of the virus.
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The Philippine Stock Exchange index (PSEi) experienced its worst drop in 12 years on Thursday, March 12, 2020, closing at 5,736, down 9.7%.
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The Philippine Stock Exchange index (PSEi) experienced a historic plunge, dropping 13.34% to 4,623.42 points upon resuming trading after a two-day halt.
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The Philippine Stock Exchange index (PSEi) gained 1% on Friday, closing at 5,793.94, although it marked a third consecutive week of decline.
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The Philippine Stock Exchange index (PSEi) experienced a volatile trading session, plunging over 10% and triggering a circuit breaker for the second consecutive session, before recovering to end with a 1.005% gain.
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