PSEi continues losing streak as players take profits

Share prices on the Philippine Stock Exchange (PSE) retreated further on Monday, as market players decided to cash in on gains during the trading session.

The main PSEi lost 38.53 points or 0.57% to close at 6,749.28. The broader All Shares index shed 20.63 points or 0.51% to 4,043.69 at the closing bell.

"Investors decided to being the month with more profit-taking due to worsening fears on the impact of COVID-19 on the global economy," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

According to the latest data available, over 80,000 COVID-19 cases were recorded in mainland China, while some countries including Indonesia reported their first coronavirus cases on Monday or over the weekend.

"Public concern around the virus remains elevated, evidenced by the growth in news flow and Good Trends search volumes this week," Limlingan explained.

Limlingan also noted that Monday's trading was swayed by the recent decline on oil futures which finished sharply last Friday to reflect the larest weekly decline in over 11 years.

More than 946.270 million shares, valued at P6.517 billion, changed hands. Decliners led advancers, 129 to 69, and 46 issues were unchanged. — BM, GMA News