Index tumbles as investors remain wary of coronavirus

MANILA, Philippines — Stock market investors found no comfort in the easing of the enhanced community quarantine as they continue to monitor the coronavirus disease 2019 or COVID-19 situation in the country. 

The benchmark Philippine Stock Exchange index (PSEi), the stock market gauge, tumbled by 62.60 points, or 1.13 percent, to close at 5,479.35. 

Likewise, the broader All Shares index slipped by 31.11 points, or 0.92 percent, to end at 3,325.50. 

Most indexes were down led by the financials, holding firms and the industrial sectors.  

Trading was thin at P3.95 billion. Market breadth was negative with 141 losers and 56 gainers, while 32 issues were left unchanged. 

“The local market extended its decline for the second straight session with thin trading as investors monitor the number of new virus cases in the country,” AB Capital Securities Inc. said. 

The government eased the lockdown on Friday, allowing malls to resume their operations last Saturday provided they implement strict health protocols. The SM Group, Gokongwei-owned Robinsons Malls, the Villar Group’s Vista Land, Andrew Tan’s Megaworld malls, among others have all resumed their operations and assured the public of safe malling as they implement stricter health protocols inside their malls. 

On Sunday, the Department of Health reported 208 new cases of coronavirus infections and seven more fatalities.

This brings the country’s total confirmed cases to 12,513, most of which are in the capital Manila, while its death toll has climbed to 824. The number of recoveries has reached 2,635, according to the DOH bulletin.