Profit-taking amid COVID-19 worries drag PSEi by 7.07%

Share prices on the Philippine Stock Exchange snapped a three-day winning streak on Thursday as investors cashed in on gains from previous sessions.

The bellwether PSEi shed 420.45 points or 7.07% to 5,525.60 at the closing bell. The broader All Shares lost 181.60 points or 5.11% to 3,370.13.

“Local economic worries brought by the COVID-19 and Wall Street cues triggered profit-taking today, pulling the local market down...,” Philstocks Financial said in its daily market close report.

US stocks fell on Wednesday as dismal economic data and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak, according to a report by Reuters. 

“Local and regional markets tumbled on gloomy US economic data and poor banking earnings,” Regina Capital head of sales Luis Limlingan said.

More than 679.822 million shares valued at P9.291 billion, changed hands. Decliners led advancers, 153 to 50, and 38 issues were unchanged. — RSJ, GMA News