Industry

PSE Trading Resumed Today, But P1.16 Trillion in PH Stock Value Wiped Out

The roller-coaster week of trading continues with a sharp decline and a circuit breaker.
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After trading was suspended for two days, the Philippine Stock Exchange (PSEi) resumed activities today

At the start of trading, the PSEi recorded a 12.4-percent tumble, once again triggering a circuit breaker or a halt of activities. The decline reached 18 percent to 4,378.72 at around 10 a.m. before recovering slightly. The market eventually closed at 4,623.42 points, down 711.95 points or 13.34 percent, its lowest level since January 26, 2012. The PSEi reports that P1.14T in stock market value was wiped out today.

The circuit breaker had earlier been triggered on March 12, the first time since 2008. The measure, which limits market volatility, was once again activated on March 13

In compliance with the Philippine government’s directive, the trading floor was closed and activities were done remotely.

Global markets are experiencing sharp declines as fears of the COVID-19 pandemic move investors to pull out.

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