Philippine stocks plunge 7.91% amid coronavirus fears

On Monday, local shares plunged as investors assessed the economic impact of the coronavirus pandemic.

The Philippine Stock Exchange index lost 7.91% to 5,335.37, with almost all PSEi member stocks hitting their 52-week lows due to limited operations under community quarantine.

First Metro Investment Corp.'s VP Cristina S. Ulang noted that market volatility will subside only when the infection spread decreases.

Philstocks Financial's Research Associate Claire T. Alviar warned that Friday’s slight recovery may not indicate a true market recovery as concerns over the virus's economic impact persist.