Philippine stocks, peso fall amid global Covid-19 concerns
On Thursday, March 12, concerns over rising global coronavirus cases led to a decline in both Philippine stocks and the peso.
The PSEi dropped by 9.71 percent or 616.99 points, marking its first trading halt since the 2008 financial crisis.
All sectors except Holding Firms saw declines, with Mining and Oil experiencing the highest drop at 12.76 percent.
The peso weakened to 50.85 against the US dollar from Wednesday’s close of 50.55.
US President Trump's travel ban on Europe and the WHO declaring a global pandemic contributed to risk-off sentiment among investors.
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