Philippines becomes first country to suspend stock market due to COVID-19

The Philippine Stock Exchange has shut down trading starting March 17 until further notice, as part of the country’s effort to curb the spread of the coronavirus pandemic (COVID-19).

18, Mar. 2020

blue-and-yellow-graph-on-stock-market-monitor-159888.jpg

HANOI, VNA – The Philippine Stock Exchange has shut down trading starting March 17 until further notice, as part of the country’s effort to curb the spread of the coronavirus pandemic (COVID-19).

This move made the Philippines become the first country in the world to close the stock market due to the COVID-19.

It is in line with President Rodrigo Duterte's decision on March 16 to widen a month-long lockdown of the capital region to cover the country's main Luzon island, home to at least 57 million people.

The Philippines benchmark index fell 8 percent on March 16 and is down 20 percent for March so far, already its worst since October 2008.

As of 16:00 on March 17, the Philippines reported 187 confirmed cases of COVID-19, with four recovered patients and 12 deaths.

Several stock markets around the world have also closed their trading floors or suspended trading following the deep plunge of key indexes. - VNA