PSEi plunges 25% on PSE trading resumption

Updated Thu, March 19, 2020 at 4:10 PM Published Mon, March 16, 2020 at 11:58 PM

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.

This suspension made the Philippines the first country to close its financial market over coronavirus fears.

The PSE resumed trading on Thursday, March 19, with the Philippine Stock Exchange Index (PSEi) plunging by nearly 25 percent, the largest fall on record, triggering a 15-minute trading halt.

A total of P1.16 trillion in market value was wiped out on Thursday, March 19.

The PSEi closed lower by 13.3% to 4,623, its lowest level since January 26, 2012, and is down by almost 41% year-to-date.

Exchange president Ramon Monzon stated he was in talks with Philippine regulators to implement measures to stem market volatility, potentially including additional intraday trading suspensions.

The Philippines has recorded 202 confirmed COVID-19 cases, with 17 deaths.

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