PSEi continues downtrend amid COVID-19 worries

Philippines shares remained in the red on Wednesday as concerns over the economic impact of the coronavirus disease 2019 (COVID-19) pandemic continued to drag investor sentiment.

The bellwether PSEi shed 18.50 points or 0.33% to 5,573.75 at the closing bell. The broader All Shares lost 1.57 points or 0.05% to 3,388.17.

“The COVID-19 drive economic worries extended the local market’s losses by 18.50 points (0.33%) at 5,573.75,” Philstocks Financial said in its market close report.

“Crude oil prices continue to plunge, evidencing global economic weakness. Meanwhile, the BSP (Bangko Sentral ng Pilipinas) projects a 0 to -1 contraction in the 2020 Philippine economy,” it said.

More than 600.522 million shares valued at P5.073 billion, changed hands. Decliners led advancers, 101 to 67, and 54 issues were unchanged.—AOL, GMA News