PSEi falls to 6,700
MANILA, Philippines – The Philippine Stock Exchange index (PSEi) continued its losing streak on Monday, March 2, falling by 0.57% to 6,749, as investors continued to worry about the global economic impact of the novel coronavirus.
The PSEi even touched 6,700 within the trading day, which is a new 52-week low for the index. (READ: BPI Securities sees PSEi hitting 9,000 in 2020)
The broader all shares also lost 20 points or over 0.5% to 4,043. Most of the other subindices were in the red, except for property which saw a 1.5% gain.
Luis Limlingan of Regina Capital said investors decided to begin March with more profit taking amid the virus outbreak that has spread across the globe.
"Public concern around the virus remains elevated, evidenced by the growth in news flow and Google Trends search volumes this week.... Search intensity now appears higher than in late January," Limlingan said.
Decliners outpaced advancers, 129 to 69, while 46 remained unchanged.
More than 946 million shares worth P6.5 billion changed hands. – Rappler.com