MANILA: Philippine stocks investors, crushed by the steepest plunge on record, should brace for more pain, according to the country’s seasoned market watchers.
While the Philippine Stock Exchange Index could stage a technical bounce from Thursday’s record 13% loss after a controversial two-day trading halt, it will be a short-lived reprieve.
Until the coronavirus outbreak subsides, the brutal sell-off that it triggered won’t stop even with valuations at the lowest in 11 years. The benchmark index rose Friday, jumping as much as 6.8%, to trade 1.6% higher as of 10:05 a.m. in Manila.