PSEi down 0.45% on economic worries

Share prices on the Philippine Stock Exchange ended on a soft note Wednesday as concerns over the further economic decline brought by the COVID-19 pandemic dragged investor sentiment.

The bellwether PSEi shed 25.42 points or 0.45% to 5,626.25 at the closing bell. The broader All Shares lost 15.26 points or 0.45% to 3,399.98.

“Economic worries dominated the local market today causing a 0.45% decline,” Philstocks Financial equity analyst Japhet Tantiangco said.

Philippine economic managers now project the local economy to contract further by 2.0% to 3.4% this year

Debt watcher Moody’s, likewise, said it projects the country’s gross domestic product to shrink by 2.5% in 2020. 

“This forecast implies that the economic losses we had in the first quarter are expected to get deeper as the coronavirus pandemic and the consequent quarantine measures weigh on the economy,” Tantiangco said.

More than 422.899 million shares valued at P4.789 billion, changed hands. Decliners led advancers, 111 to 64, and 48 issues were unchanged.

Net foreign outflows was registered at P394.37 million adding to the selling pressures, according to Tantiangco. — RSJ, GMA News