The Philippines’ major stock index, the PSE Composite, plunged by 24 percent soon after trading opened. The slide comes after markets were shuttered for two days as Covid-19 pummels the world economy.
The PSE Composite took a beating almost immediately after trading began on Thursday morning, dropping by 12 percent and triggering a circuit breaker, in which all exchanges are halted for 15 minutes in hopes of preventing a wave of panic selling.
But the decline continued apace when trading resumed, falling another 12 percent before 10am local time – before bouncing back slightly.
The island nation became the first country to shut down its financial markets over the Covid-19 pandemic earlier this week, halting all stock, bond and currency trading after the PSE Composite saw rapid declines amid the virus-induced panic. The two-day pause appears to have done little to stem the plummeting stock values, however.
Elsewhere in Asia, Japan’s Nikkei 225 index also took a hit, albeit a smaller one, falling by half a point and shedding close to 90 points in the early hours of trading, while the Hong Kong-based Hang Seng Index lost over 3.8 percent, hitting its lowest point since the summer of 2016. US stock futures, down by two percent, also continue to slide.
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