PSEi plunges 6.8%, enters bear market amid COVID-19 fears

Updated Mon, March 9, 2020 at 9:00 PM Published Mon, March 9, 2020 at 8:00 AM

The Philippine Stock Exchange index (PSEi) plunged by 6.8% to close at 6,312.61 on Monday, entering bear territory.

This marks its worst one-day percentage drop since the 2008 global financial crisis.

The decline was primarily attributed to mounting COVID-19 infections in the Philippines, which led to the declaration of a State of Public Health Emergency.

Global oil prices also tumbled significantly, triggering a price war between Saudi Arabia and Russia, which intensified risk aversion.

Foreign investors recorded a net outflow of P839.29 million.

Prominent companies like Ayala Land, Ayala Corporation, SM Prime, BDO, and SM Investments all experienced significant losses.

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