Philippines

Coronavirus fears continue to pull down PH stocks, peso

Coronavirus fears continue to pull down stocks, peso

By Joann Villanueva  

MANILA  (Philippines News Agency) — Foreign selling continues to negatively impact Philippine shares and the peso Thursday partly on news of increasing number of deaths and infection from novel coronavirus (2019-nCoV) in several countries.

The Philippine Stock Exchange index (PSEi) shed 0.93 percent, or 69.63 points, to 7,392.68 points, which BPI Research attributed to intensified fears on the coronavirus from China.

All Shares followed with a drop of 0.74 percent, or 32.51 points, to 4,392.55 points.

Holding Firms posted the biggest decline of 1.40 percent, which was trailed by the Services, 1.13 percent; Mining and Oil, 1.02 percent; Industrial, 0.70 percent; Financials, 0.61 percent; and Property, 0.21 percent.

Volume totaled to 562.84 million shares amounting to PHP5.45 billion.

Losers led gainers at 123 to 61, while 51 shares were unchanged.

The local currency ended the day at 50.96 from the previous day’s 50.83 close.

It opened the day at 50.89, depreciating from the 50.72 start in the previous session.

It traded between 50.83 and 51.00, bringing the day’s average to 50.904.

Volume totaled to USD948.5 million, higher than the USD884.55 million Wednesday.

BPI Research expects the peso to trade between 50.80 and 51.00 to a US dollar on Friday. (PNA)

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