Stocks close nearly flat amid Coronavirus scare

MANILA, Philippines — The stock market closed nearly flat yesterday on growing concerns about the Wuhan coronavirus and as market investors digested the country’s latest economic growth performance.

The benchmark PSEi ended at 7,623.41, up by only 7.06 points or 0.09 percent. Likewise the broader All Shares index rose 19.37 points or 0.43 percent to close at.

Most of the indexes ended higher except for the holdings firms and financials sectors.

Total value turnover was thin at P5.722 billion. Market breadth was positive, 106 gainers against 70 losers while 60 issues were left unchanged.

Net foreign selling was  up again yesterday, rising to P557 million from just P133 million the day before. Foreign selling reached P3.5 billion, while foreign buying was at P3 billion.

Philstocks Financials said last minute bargain hunting extended the local markets gains due to optimism on the economy after the government reported that fourth quarter GDP grew by 6.4 percent from 6.3 percent previously.

In a commentary, Luis Limlingan said that “shares closed flat with some concerns regarding the severity of the Wuhan Coronavirus.”

Meanwhile, crude fell to a two-month low on fear of the Coronavirus outbreak which offsets a surprised decline in US inventories.

The SARS-like virus that’s killed at least 17 people spread to the financial hub as Chinese officials widened their travel ban beyond the epicenter of the outbreak. Vietnam had two cases and Macau reported its second, and Chief Executive Ho Lat Seng didn’t rule out closing the city’s casinos. The WHO chose not to declare a global emergency but cited China is doing all needed to curb the spreading.