PSEi retreats as nCoV fears weigh on investor sentiment

Share prices on the Philippine Stock Exchange (PSE) retreated on Monday, dragged by concerns over the economic impact of the 2019 novel coronavirus (2019-nCov).

The main PSEi lost 35.78 points or 0.47% to close at 7,587.63. The broader All Shares shed 28.23 points or 0.62% to 4,495.34.

"Philippine stocks fell after the second case of coronavirus in the US was flagged, stoking concerns over the disease's global economic impact," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

The United States Centers for Disease Control and Prevention earlier confirmed that five people in the US, all of whom recently traveled from Wuhan, China, have been diagnosed with the new coronavirus.

"Oil notched its worst week since July 2019 as the virus outbreak from Wuhan, China continued to put pressure on the prices," said Limlingan.

For its part, the Philippines has suspended all direct incoming flights from Wuhan as part of measures to prevent the virus from entering the country.

More than 1.904 billion shares, valued at P4.298 billion, changed hands. Decliners led advancers, 119 to 69, and 43 issues were unchanged. — BM, GMA News