The Philippines on Tuesday halted all stock, currency, and bond trading in the country for an indefinite period as a precaution against the spread of the novel coronavirus (COVID-19), Reuters reported.
The Philippine Stock Exchange suspended all trade until further notice "to ensure the safety of employees and traders," according to Reuters.
The index closed nearly 8% lower at 5,335.37 on Monday ahead of the closure. iShares MSCI Philippines exchange-traded-fund closed 19.45% lower at $19.76 on Monday in the U.S.
The move comes as President Rodrigo Duterte announced widespread lockdowns in the country to curb the spread of the virus.
Why It Matters
This is the first time that the country has shut down all its financial markets as a response to the coronavirus that has infected 182,406 people worldwide.
Other exchange desks, including the New York Stock Exchange, have said they plan to continue their operations and are taking increased precautions against the coronavirus.