PSEi bleeds 2% as COVID-19 cases spike

Share prices on the Philippine Stock Exchange (PSE) plummeted by over 2% on Monday, as foreign investors were deterred by the recent spike in COVID-19 cases and the reimposition of more restrictions in Metro Manila.

The main PSEi plunged 176.09 points or 2.62% to 6,552.46 at the closing bell. The broader All Shares index slid 109.71 points or 2.70% to 3,949.87.

"Philippine shares tested the 6500 support as the uniformed curfew and surge in cases kept foreign funds at bay," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

Data showed foreign buying at P2.129 billion and foreign selling at P3.250 billion on Monday, to net foreign selling at P1.120 billion.

The Philippines on Sunday, March 14, reported 4,899 new confirmed cases of COVID-19 to bring the total to 621,498. This includes 48,157 active cases 560,512 recoveries, and 12,829 deaths.

Metro Manila is also set to implement uniform curfew hours of 10 p.m. to 5 a.m. in the next two weeks, on top of the liquor ban to be implemented in Quezon City.

More than 5.563 billion shares, valued at P9.225 billion, changed hands. Decliners led advancers, 207 to 28, and 32 issues were unchanged. — RSJ, GMA News