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PSEi retreats further as investors flee to US

Share prices on the Philippine Stock Exchange (PSE) retreated for the second consecutive trading session on Monday, as investors fled to overseas markets.

The local stock barometer lost 35.05 points or 0.54% to 6,459.76 at the closing bell. The broader All Shares index fell 12.49 points or 0.31% to 3,969.02.

"Philippine shares closed in the red as investors continued to pile up stock in the US following the country's strong earnings from the blue chips and sound economic data, supporting economic recovery," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

Limlingan also noted that the growth of the number of cases has started to flatten in the United Kingdom and Italy while edging up in Spain and Germany.

Locally, the Philippines on Sunday, April 18, reported 10,098 new confirmed cases of COVID-19 to bring the total to 936,133. This includes 141,089 active cases; 779,084 recoveries; and 15,960 deaths.

More than 6.256 billion shares, valued at P4.892 billion, changed hands. Decliners led advancers, 119 to 81, and 47 issues were unchanged. — RSJ, GMA News