Inquirer
Bloodbath worsens as stock market reopens
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.
The market saw significant sell-offs as it reopened, erasing P1.16 trillion in market value.
The circuit breaker was activated shortly after the opening bell due to a 12.4% drop in the PSEi, a mechanism designed to pause trading during steep declines.
Intraday, the main index reached a low of 4,039.15, marking an unprecedented 24.29% decrease before closing at 4,623.42.
The PSE is looking at revising its circuit breaker rules to curb market volatility, potentially adopting a multi-level system.
Investor sentiment is low globally due to recession fears and domestically due to economic disruptions from the Luzon-wide lockdown.
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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.
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The Philippine Stock Exchange Inc. (PSE) suspended trading starting March 17 until further notice due to coronavirus fears and in alignment with President Duterte's enhanced community quarantine for Luzon.
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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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The Philippine peso and the stock market recovered towards the end of the week due to bargain hunting amid COVID-19 fears.
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