Manila, Philippines – Pandemonium struck the Philippine stocks yesterday significantly sinking the numbers since the proclamation of the Coronavirus or COVID-19 as a ‘pandemic.’ There has also been a continuing clash among oil suppliers and producers. The trading as well as the economic situationis getting more intense as the virus is spreading.
At noon break yesterday there was panic in the trading floor of the Philippine stock exchange where the index plunged to 395.91 points or 6.23% resulting to 5,957.35. This is indicative of a possible continuing economic downset for the country as it has struck as low as the bottom of last month’s trade.
Philsocks Financial Inc. research associate, Piper Chaucer Tan said “Global markets are also crashing amid COVID-19, followed by the oil price war. We see this a health and economic downfall for the world.”
Tan also added that “It’s been a sad news for our local markets that suffered this much, even breaching below the 6,000-level.” Experts at the PSE are also worried that the world’s current economic situation is closely patterned or even worse to that of a recession a decade ago.
Source: Philippine Stock Exchange, CNN Philippines and The Philippine Star