The Philippine Stock Exchange suspended trading Tuesday after President Rodrigo Duterte quarantined Luzon, the biggest and most populous island in the country, to contain the spread of the coronavirus.
As of early Tuesday, the Philippines' Department of Health website showed an official tally of 142 COVID-19 cases and 12 virus-related deaths.
A PSE memorandum, released Monday, said the suspension was in connection with Mr. Duterte's announcement placing all of Luzon under an "enhanced community quarantine" and would continue until further notice.
The suspension of trading is aimed at ensuring "the safety of employees and traders in light of the escalating cases of the coronavirus disease," Ramon S. Monzon, president and CEO of the exchange, said in the memorandum.
Mr. Monzon said in an email the Philippine exchange has secured authorization to resume trading on Thursday.
The Philippine Stock Exchange's PSEi index has fallen 31.7% from the start of 2020 through the close of trading Monday.
The value of stocks on the exchange was 6.42 trillion Philippine peso ($125 billion) as of market close March 16, according to the PSE website.
