PSEi rebounds as investors’ nCoV worries wane for the moment

Philippine share prices rebounded on Tuesday after days of posting heavy losses as the investing public’s worries about the novel coronavirus outbreak seemingly begin to dissipate.

The bellwether PSEi gained 89.87 points or 1.26% to 7,226.90 at the closing bell. The broader All Shares increased by 37.06 points or 0.87% to 4,293.89.

“The market recovered slightly as investor woes regarding the coronavirus started to simmer down,” Regina Capital Development head of sales Luis Limlingan said.

“Nevertheless, global markets continue to feel the effects of the outbreak,” Limlingan said.

The number of confirmed deaths from China's coronavirus outbreak spiked to 425, after authorities in Hubei province reported 64 new fatalities Tuesday. 

In its daily update, figures from the health commission in Hubei, which has been hit hardest by the virus, also showed a sharp increase in confirmed infections with 2,345 new cases.

That puts the national total at 19,550, based on numbers previously issued by the central government.

More than 1.479 billion shares valued at P9.610 billion, changed hands. Advancers led decliners, 113 to 73, and 48 issues were unchanged. — BM, GMA News