No respite from virus scare as stocks drop further

MANILA, Philippines — The stock market continued to slide yesterday, dropping to  the 7,300 level, its lowest level in 13 months as the coronavirus scare worsens and death toll continues to climb.

The benchmark Philippine Stock Exchange index (PSEi) finished yesterday at 7,392.68, down 69.63 points, or 0.93 percent, while the broader All Shares index slipped to 4,392.55, down by 32.51 points or 0.73 percent.

All sectoral indexes were down as well. Total value turnover was P5.5 billion.

“The rising casualties of the coronavirus sent the local market together with its regional peers to the negative territory. Conglomerates led a broad based declined with losers edging gainers 123 to 61,” Philstocks Financials said.

The death toll from the virus has climbed to 170 and the Department of Health said yesterday that the Philippines has a confirmed case of the virus.

“Philippine shares continued to slip on concerns surrounding the coronavirus and the dovish tone of the Federal Reserve. The Fed has decided to keep interest rates unchanged amid ‘moderate’ growth and a ‘strong’ job market,” said Luis Limlingan of Regina Capital.

The World Health Organization called a meeting of its Emergency Committee Thursday to consider issuing a global alarm as the death toll from the spreading coronavirus rose to 170 and the number of cases jumped to 7,711, Limlingan said.