MANILA - Philippine stocks resumed trading from a controversial two-day shutdown with the index posting its biggest intraday-loss in 33 years.
As trading resumes, the lowest valuation in 11 years, prospects for a 50 basis point rate cut and a 27 billion peso fiscal stimulus collided with fears of the coronavirus spreading. The closure of equity, currency and bond markets started on Tuesday, following the government's decision on Monday 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. All stock trading activities will be conducted remotely when trading resumes, the Philippine Securities and Exchange Commission said Wednesday. Foreign investors have sold US$480.
The Philippines has 202 confirmed infections so far, with 17 deaths. The nation's central bank governor, Benjamin Diokno, said Wednesday there will be"large and protracted" adverse economic impact if the Luzon-wide community quarantine to fight the virus outbreak fails.