PSEi retreats by over 2.5%

Philippine share prices retreated by over 2.5% on Monday, dragged by negative sentiment due to the impact of the global health crisis coronavirus disease 2019 (COVID-19).

The bellwether PSEi plunged by 135.46 points or 2.57% to close at 5,131.16. The broader All Shares index lost 75.19 points or 2.34% to 3,144.31.

"Local stocks fell sharply, giving back some of the strong gains experienced in the previous days to kick start what seems to be another volatile week," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

"Sentiment took a hit as investors focused back on COVID-19 outbreaks as the US became the country with the most confirmed cases," he elaborated.

The United States is now the country with the highest number of confirmed coronavirus cases in the world, according to data gathered by Johns Hopkins University and The New York Times.

More than 535.835 million shares, valued at P5.333 billion, changed hands. Decliners led advancers, 134 to 49, and 37 issues were unchanged. — RSJ, GMA News