PSEi plunges 2.58%, lowest in more than 3 years

Share prices on the Philippine Stock Exchange closed in the red on Friday, with the main index plunging to its lowest level in more than three years, as worries over the global impact of new coronavirus (COVID-19) spooked investors.

The benchmark PSEi lost 179.93 points or 2.58% to 6,787.91 at the closing bell. This is the lowest for the local stock barometer since Dec. 27, 2016 when it finished at 6,658.20.

The broader All Shares shed 85.35 points or 2.06% to 4,064.32.

“The market is still weighed by the COVID-19 global outbreak worries fueled by the mounting of cases and the continuous spread of the disease into different countries,” Philstocks Financial senior equity analyst Japhet Tantiangco said.

“Another crucial thing today is that we've broken below the 6,800 support line. So the next trading days would be critical. If the market won't be able to claw back above the said level, then our next support would be 6,600,” Tantiangco said.

The market was also weighed by heavy outflows of foreign players.

Foreign funds bought P5.173 billion shares and sold P9.253 billion for a net selling position of P4.079 billion.

“The investors are still cautious to bargain hunt as the COVID-19 outbreak and its potential short term global economic impact continued to weigh on investor sentiment,” Unicapital Securities equity trader Christopher San Pedro said.

More than 1.101 billion shares valued at P11.392 billion, changed hands. Decliners led advancers, 160 to 50, and 36 issues were unchanged. —LDF, GMA News