PSEi retreats as market players await rescue plan vs. COVID-19

Philippine share prices retreated on Monday, as market players awaited possible moves to be taken to combat the coronavirus disease 2019 (COVID-19).

The bellwether PSEi lost 35.39 points or 0.74% to close at 4,743.37. The broader All Shares index shed 21.63 points or 0.73% to 2,927.02.

In a mobile message, Regina Capital Development Corp. head of sales Luis Limlingan said the market was awaiting guidance on initiatives to be taken against COVID-19.

"Local shares dropped as investors wait for Washington to agree to an economic stimulus and rescue plan to combat the giant economic blow from the coronavirus outbreak," he said.

As of Monday, March 22, there were a total of 396 confirmed cases of COVID-19 in the Philippines, with the death toll at 33.

Limlingan likewise noted the steep drop in global oil prices, also as investors await an economic stimulus and rescue plan from Washington.

Philippine companies have since announced a big-time rollback in pump prices of petroleum products to take place on Tuesday, March 24.

More than 413.311 million shares, valued at P5.677 billion, changed hands. Decliners led advancers, 133 to 55, and 35 issues were unchanged. --KBK, GMA News