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The Philippines Did It. Now Smaller Markets May Follow Shutdown

  • Smaller EM countries most likely to suffer similar fate: Oanda
  • Philippines shuts finanical markets from Tuesday to Thursday
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WATCH: Ramon Monzon, CEO of Philippine Stock Exchange, discusses the closing of the financial markets in response to the widening coronavirus pandemic.(Source: Bloomberg)

In their war against the coronavirus and foreigners’ exodus, smaller markets might follow the Philippines in shutting down their bourses, market participants say.

The nation’s move to close its $188 billion equity market until Thursday has already been followed by Sri Lanka. In both cases, the reason given for the closure is to help contain the spread of the coronavirus, which has already infected more than 174,000 globally and killed 7,000.