Should more countries follow Philippines in shutting down markets?

As trillions of dollars get wiped off, investors are wondering if stock markets should be shut temporarily to prevent further wealth erosion.

On Monday, Philippines became the first country to indefinitely halt trading in financial markets to insulate them from the meltdown caused by the coronavirus pandemic.

This is not the first time that trading was suspended. US markets were kept closed for a week after the terrorist attacks in 2001 (9/11). Similarly, Greece had shut its market for more than a month during the European debt crisis in 2015.

So is suspension in trading an option for regulatory authorities?