Philippines Stocks plunge as WUHAN Virus (COVID-19) cases worsen
The PSEi plunged 176.09 points or 2.62 percent to close at 6,552.46 as share prices fell across the board, led by the Mining and Oil sector. Volume was higher at 5.56 billion shares worth P9.23 billion as losers reigned at 207 to just 28 gainers and 32 unchanged.
The local stock market suffered a steeper fall as reality sets in on how bad the WUHAN Virus (COVID-19) situation is being handled, raising fears of reverting to more restrictions in the year-long lockdown.
Philippine shares tested the 6,500 current support as the uniformed curfew and surge in cases kept foreign funds at bay. On top of the curfew, liquor bans will take effect starting today in most cities in Metro Manila.
The majority of financial market experts said the local bourse plunged as pandemic worries weighed on sentiment. This comes amid the surge in WUHAN Virus (COVID-19) cases with the OCTA Research Group now projecting 8,000 cases per day by end-March to 20,000 by end-2021 if Duterte Administration failed to control the said surged. They added that the surge in cases and the implementation of additional restrictions such as the curfew in Metro Manila has clouded our economic outlook.
DISCLAIMER: I'm not a Certified Financial Planner. Published herein is my personal opinion and should not be construed as a recommendation, an offer, or solicitation for the subscription, purchase or sale of any securities.
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PHP - Monday, 15th March 2021, Manila, Philippines.