Source: Philippine Stock Exchange
The Philippine Stock Exchange’s main index lost 9.7 percent at the close of trading on Thursday amid coronavirus fears, crashing to its lowest level since 2012.
The blue-chip PSEi plunged 617 points to close at 5,736.27, while the all-shares index lost 8.3 percent or nearly 316 points to close at 3,492.77.
It was the single biggest point loss in main index history since 1987, and one of the biggest losses in terms of percentage, topped only by double-digit declines recorded during economic crises in 1987 and 2008.
Trading was halted at 2:53 p.m. to prevent the market from hitting rock-bottom, as the PSEi sank to an intraday and 52-week low of 5,697.13.
Nearly P8 billion worth of shares changed hands on Thursday. Losers swept gainers, 226 to 7, while 25 issues were unchanged. Foreigners dumped P4.3 billion in Philippine stocks, with net foreign selling at P774 million.
Corpecon Research said on Twitter, the “5,821 major support was broken and is now a major resistance. #PSEi has 1 major support left before rock bottom at single-digit PER (price-to-earnings ratio).” (PressONE.ph)