Virus fears continue to weigh on PSEi

PHILIPPINE shares plunged by 1.02 percent on Monday, mirroring the rest of the region, as negative sentiment prevails amid concerns on the 2019 novel coronavirus.

The benchmark Philippine Stock Exchange index dropped 76.34 points or 1.02 percent to close at 7,430.86, while the broader All Shares index lost 39.43 points or 0.89 percent to 4,383.21.

The virus outbreak’s global death toll now stands at 908, as confirmed infections rise.

The Philippines has so far reported three confirmed cases -- a Chinese couple with the man recorded as the first nCoV fatality outside China, and a 60-year-old Chinese woman who has since returned to China.

Fitch Solutions has said Asia’s growth faces downside risks due to the coronavirus outbreak. It also noted that China’s economy may slow down at a faster pace if the outbreak persists. (CSL)