PSEi falls 9.7%, worst drop in 12 years

The Philippine Stock Exchange Index (PSEi) fell by 9.7% on Thursday, March 12, marking its worst decline since December 2012 and second lowest since October 2008.

This triggered a circuit breaker for the first time since the global financial crisis in 2008, halting trading for 15 minutes as the PSEi dropped over 10%.

The market's decline was driven by concerns over the economic impact of the coronavirus pandemic and the declaration of a public health emergency in the Philippines.

Leading stocks such as SM Prime, Ayala Land, and BDO saw significant declines.

Prior to Thursday’s plunge, the PSEi had already entered bear territory on March 9 due to fears of the virus's spread and global oil price collapse.