Philippine stocks plunge nearly 25% after coronavirus trading halt

Philippine stocks plunge nearly 25% after coronavirus trading halt
Philippine stocks plunge nearly 25% after coronavirus trading halt

Thank you for reading the news about Philippine stocks plunge nearly 25% after coronavirus trading halt and now with the details

Jeddah - Yasmine El Tohamy - MANILA: Philippine shares plunged by nearly 25 percent on Thursday only moments after the Manila stock exchange resumed trade following a two-day trading suspension prompted by the coronavirus pandemic.
The Southeast Asian nation was the first in the world to indefinitely suspend trading after President Rodrigo Duterte ordered more than half of its population to stay home for the next month.
Manila’s bourse had suspended operations “until further notice” in response but quickly recalled its order and reopened the market on Thursday after the government exempted it from the lockdown.
The Philippine Stock Exchange Index dropped 24 percent from Monday’s close just seconds after the opening bell, triggering a 15-minute trading halt.
It was the largest fall on record for the benchmark, Bloomberg reported.
“We were kind of expecting that the market would open quite low, especially after a two-day halt in trading,” exchange president Ramon Monzon said.
Monzon said he was in talks with Philippine regulators to implement new measures to stem market volatility, which could include additional intraday trading suspensions.
The index pared back losses in later morning trade and was down 11.9 percent shortly before the lunch break.
The Philippines has recorded 202 confirmed COVID-19 cases, with 17 deaths.

These were the details of the news Philippine stocks plunge nearly 25% after coronavirus trading halt for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Saudi Arabia to allow Boeing 737 MAX to return to service