Stocks end weaker on heightened coronavirus fears

MANILA, Philippines — The stock market opened the week on a sour note once again as the escalating fears on the coronavirus continue to dampen investor interest.

The benchmark Philippine Stock Exchange index lost 35.78 points, or 0.46 percent, to finish at 7,587.63.

Likewise, the broader All Shares gauge slipped by 28.23 points, or 0.62 percent, to end at 4,495.34.

The sectoral indices were a mixed basket with the industrial, holding firms and mining and oil in negative territory.

On the other hand, the financials, property and mining and oil ended in positive territory.

Total value turnover was notably thin at P4.3 billion. Market breadth was negative, 119 losers and 69 gainers, while 43 issues were left unchanged.

The market, however, benefitted from strong foreign buying as some overseas investors decided to hunt for some bargains.

Foreign buying reached P2.2 billion versus foreign selling of P2.1 billion for a net foreign buying of P67 million.

“Fears of the coronavirus outbreak and its impact on the economy dragged down the local stock market,” according to Philstocks Financials.

The Department of Health said yesterday there is no confirmed case of the virus in the Philippines, but there are at least 11 people being monitored and are suspected to have the virus.