Share prices ended lower Monday as investors took a risk-off approach amid rising cases of novel Coronavirus acute respiratory disease.
The Philippine Stock Exchange index was down 76.34 points or by 1.02 percent to 7,430.86.
The broader all shares index was down 39.43 points or by 0.89 percent to 4,383.21.
Losers edged gainers 120 to 77 with 45 stocks unchanged. Trading turnover reached P8.68 billion.
The peso closed at 50.78 to the dollar, down from Friday’s 50.755.
The currency opened at 50.85, hit a high of 50.74 and a low of 50.855. Trading turnover reached $581.4 million.
“Philippine shares declined Monday as investors monitored the latest coronavirus developments and breaking news on the corporate front,” said Luis Limlingan, managing director at Regina Capital Development Corp.
Limlingan said investors are observing how the world will address the increasing death toll from the coronavirus outbreak, which has now reached 908, with confirmed cases at 40,171.
“China President Xi Jinping reassured Trump that Beijing would stick to its purchase goals which were outlined in the phase one trade deal. The Chinese president said the country ‘may be a little slower to purchase American exports, but it will get done by the end of the year and next year,” Limlingan said.
Limlingan noted that over the weekend, the US market was down.
Most actively traded SM Prime Holdings Inc. was down P0.05 to P42.30. Ayala Land Inc. was up P0.35 to P43.70. SM Investments Corp. was steady at P1,000. Max’s Group Inc. was steady at P10. ISM Corp. was down P0.32 to P2.11. BDO Unibank Inc. was down P5.40 to P150. GT Capital Holdings Corp. was down P24 to P717. Ayala Corp. was up P11 to P761.
