Philippine stocks have plummeted 5.65 per cent of COVID-19 concerns

Last updated on May 7th, 2021 at 06:12 am

Philippine equities plummeted by 5.65 per cent on Monday morning’s trading session, led by growing concerns over the outbreak of coronavirus disease in 2019 (COVID-19).

As of noon break, the PSEi bellwether fell by 382.52 points or 5.65 per cent to 6.387.86. The wider All Shares index dropped by 207.22 points or 5.13 percent to 3 832.33.

In a mobile call, the sales manager of Regina Capital Development Corp., Luis Limlinga, attributed the decline mainly to the concerns of COVID-19.

This comes as the Philippines reported four new cases of COVID-19 over the weekend, bringing the total to 10 in the region.

Since then, President Rodrigo Duterte has signed an Executive Order declaring a public health emergency over the threat of coronavirus.

In a mobile call, the sales manager of Regina Capital Development Corp., Luis Limlinga, attributed the decrease mainly to the concerns of COVID-19.

This comes as the Philippines reported four new cases of COVID-19 over the weekend, bringing the total to 10 in the region.

Since then, President Rodrigo Duterte has signed an Executive Order declaring a public health emergency over the threat of coronavirus.

Regina Capital’s Limlingan also noted that the decline in global oil prices may have influenced the local equities market.