Philippine stocks plunge 6.76%, worst drop since 2008

Philippine stocks saw their worst decline in over four years on Monday, March 9, 2020, with the PSEi dropping by 6.76% to close at 6,312.61 points.

The steep drop was driven by growing concerns over the local transmission of COVID-19 and a collapse in global oil prices.

This marked the steepest decline since October 2008 during the global financial crisis.

Experts cited the impact of falling oil prices following OPEC's price war and the spread of COVID-19 within the country as key factors.

The government had declared a 'code red' to prepare for an increase in suspected and confirmed cases.