SHARE prices closed at their lowest in 15 months, with the benchmark Philippine Stock Exchange index (PSEi) dipping to the 6,900-point level, still on fears over the effects of the coronavirus disease 2019 (Covid-19).
The PSEi shed 277.60 points, or about 4 percent, to close at 6,909.84 points.
The last time the PSEi visited the said level was on November 13, 2018, when it closed at 6,843.83 points.
“Philippine shares tumbled after the holiday after the CDC [Centers for Disease Control and Prevention] warned of more cases and companies indicated earnings would be affected from the spread of the virus,” Luis Limlingan, managing director at broker Regina Capital Development Corp., said.
More cases of Covid-19 infections were reported in South Korea, Italy and Iran, while some smaller countries in Europe reported their first case of infection. The World Health Organization (WHO), meanwhile, said the world is not ready for the spread of the virus, which further dampened investors’ sentiment in the region.
Total value of shares traded reached P10.05 billion and foreign investors were net sellers at P3.06 billion.
All sub-indices ended in the red, dropping at least 2.5 percent.
The broader All Shares index fell 136.05 to 4,129.37, the Financials index dropped 44.19 to 1,649.56, the Industrial index plunged 389.36 to 8,416.22, the Holding Firms index declined 264.59 to 6,761.39, the Services index shed 55.47 to 1,370.28, the Mining and Oil index was down 162.09 to 6,770.32 and the Property index retreated 154.08 to 3,696.81.
Losers edged gainers 184 to 27 and 30 shares were unchanged.
Property developer Ayala Land Inc. was the day’s most actively traded and it fell P2.75 to P38.65 per share; BDO Unibank Inc. dropped P6.30 to P137; SM Prime Holdings Inc. shed P0.80 to P39.30; SM Investments Corp. gave up P25 to P985, Jollibee Foods Corp. lost P10.50 to P175.10; and ISM Communications Corp. bucked the trend to gain P0.11 to P1.70.