Philippine share prices opened the week on the red, on fears of a second wave of the coronavirus disease 2019 given the continued increase in confirmed cases reported in the country.
The main PSEi plunged by 312.42 points or 4.82% to close at 6,163.82. The broader All Shares index dropped 152.33 points or 4.01% to 3,646.83.
According to Regina Capital Development Corp. head of sales Luis Limlingan, Monday's drop came as market players took into consideration the latest data on COVID-19.
"Local shares slid on growing concerns of a COVID-19 second wave; marking one of the worst weekly starts since March," he said in a mobile message.
The Philippines on Sunday registered 539 more cases of COVID-19, bringing the total number of confirmed cases to 25,930. This includes 5,954 recoveries and 1,088 deaths.
"China also saw a jump in cases over the weekend particularly in Beijing capital which caused a partial lockdown in the city," said Limlingan.
More than 1.006 billion shares, valued at P7.760 billion, changed hands. Decliners led advancers, 178 to 29, and 29 issues were unchanged. —KG, GMA News