Local stocks erased gains from its recent rally after the release of economic data showing how the pandemic is weighing down the US economy.
The Philippine stock index plunged 420.45 points or 7.07 percent to close at 5,525.60 with the Property sector registering the sharpest drop.
Volume remained high at 679.82 million shares worth ₱9.29 billion as losers swamped gainers 153 to 50 with 38 unchanged.
“Local and regional markets tumbled on gloomy US economic data and poor bank earnings,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
March U.S. retail sales plunged by most on record while factory output fell by most since 1946 and global COVID-19 cases topped 2 million. (James A. Loyola)