PSEi retreats on nCoV fears

Philippine shares prices opened the trading week on a soft note, dragged by worries on the economic impact of the 2019 novel coronavirus (nCoV).

The main PSEi lost 63.76 points or 0.89% to close at 7,137.03. The broader All Shares shed 35.38 points or 0.82% to 7,137.03.

“Philippine stocks fell sharply as investors grew increasingly worried about the potential economic impact of China’s fast-spreading coronavirus,” Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

“Philippines reported the first overseas death over the weekend,” he elaborated.

More than 833.354 million shares, valued at P5.871 billion, changed hands. Decliners led advancers, 129 to 73, and 39 issues were unchanged. —LDF, GMA News