PSEi regains 1% after highly-volatile session

The local stock barometer went on a roller-coaster ride on Friday, sliding by over 10 percent in early trade to trigger a trading halt but reversing losses to achieve a 1-percent rebound at close.

The Philippine Stock Exchange index (PSEi) recouped 57.67 points or 1 percent to close at 5,793.94.

“The market wildly gyrated today, declining as low as 5,097, which triggered the PSE’s 10-percent circuit breaker and ushered in a 15-minute cool off period for investors to snap back to their senses. Investors did take the break to regain some sort of composure and digest some of the latest developments which prompted them to reassess their trades,” said PNB Securities president Manuel Lisbona.

“News of central banks’ increases in liquidity as well as economic support measures from international governments provided much-needed comfort. What seems to have spurred the recovery intraday is a reported deceleration in the spread of the virus in Wuhan with just five new cases reported,” Lisbona added.

After opening at 5,362.92, the market found its bottom for the day at 5,097.90, a new 52-week low for the index.