The Philippine Stock Exchange index (PSEi) was down 118.93 points to 7,468.70, a 1.57 percent drop.
The broader all shares index was down 59.67 points to 4,435.67, a 1.33 percent drop.
Losers edged gainers 121 to 65 with 42 stocks unchanged. Trading turnover reached P4.44 billion.
The peso closed at 50.75 to the dollar, up from 50.835 on Monday.
The currency opened at 50.90, hit a high of 50.74 and a low of 50.925. Trading turnover reached $778.1 million.
“Philippine shares tanked after more cases of the coronavirus piled up over throughout the day. Along with our market, the Dow Jones Industrial Average logged its worst day since October as it turns negative for the year after losing 453.93 points, to end at 28,535.8.
Meanwhile, the S&P 500 also fell, by 1.6 percent, to 3,243.63. The Nasdaq composite notched its worst day since August after settling 1.9 percent lower to 9,139.31,” said Luis Limlingan, managing director at Regina Capital Development Corp.
Limlingan said the heightened risk aversion led to gold rise to a near three-week high “as the mounting concerns surrounding the economic fallout of the coronavirus outbreak stoked the appetite for safe havens.”
“Spot gold climbed by 0.4 percent to $1,577.31/ounce while the US gold futures gained 0.3 percent and ended at $1,577.40/ounce,” he said.
Most actively traded Ayala Land Inc. was down P0.10 to P41.50.
SM Prime Holdings Inc. was down P1.25 to P29.75. BDO Unibank Inc. was down P2.50 to P153.50. SM Investments Corp. was down P10 to P1,015. Metropolitan Bank and Trust Co. was down P0.20 to P64.60. Ayala Corp. was down P10.50 to P727.50. Jollibee Foods Corp. was down P8.20 to P205. Universal Robina Corp. was down P2 to P157.50.
Singapore shares lost 3 percent on Tuesday, their biggest intraday drop in more than eight months, after the city-state said the coronavirus outbreak would hit its economy this year.
“Given that China has rapidly increased its role in the global supply chains, the market continues to price in the worst case, negative growth shock scenarios,” Stephen Innes, Asia Pacific Market Strategist at AxiCorp, wrote in a note.
“At this juncture, traders are still very much uncertain about which road to take (trade or fade), but there remains a growing sense in the market that contagion levels could get worse before they get better.”
Among other losers, Malaysian shares fell over 1 percent and were headed for a sixth consecutive session of losses. (With Reuters)
