PSEi posts worst drop in 12 years amid COVID-19 pandemic fears

Updated Thu, March 12, 2020 at 5:15 PM Published Thu, March 12, 2020 at 12:12 PM

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%.

This significant decline was triggered by the World Health Organization's declaration of the novel coronavirus disease (COVID-19) outbreak as a pandemic.

The market's steep fall caused the Philippine Stock Exchange to halt trading for 15 minutes, marking the second time the 'circuit breaker' has been triggered since its adoption in September 2008.

The first instance of the circuit breaker was on October 27, 2008, during the global financial crisis.

Thursday's close was the lowest since December 2012, when the index fell to 5,636.

Most actively traded stocks experienced significant drops, including SM Prime (down 11.2%), Ayala Land (down 11.3%), SM Investments (down 12.2%), BDO (down 11.8%), and Ayala Corporation (down 6.3%).

The broader all shares index fell by 8.3% to 3,492, with the mining and oil subindex suffering the steepest decline at 12.8%.

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COVID-19 Philippine Stock Exchange Index World Health Organization Philippine Stock Exchange BDO Ayala Land Ayala Corporation SM Prime

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