Philippine stocks plummet 5.65% on COVID-19 concerns

Philippine equities plunged by 5.65% on Monday's morning trading session, dragged by mounting concerns over the outbreak of the coronavirus disease 2019 (COVID-19).

As of noon recess, the bellwether PSEi plummeted by 382.52 points or 5.65% to 6,387.86. The broader All Shares index tumbled 207.22 points or 5.13% to 3,832.33.

In a mobile message, Regina Capital Development Corp. head of sales Luis Limlinga attributed the drop mainly on COVID-19 concerns.

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

President Rodrigo Duterte has since signed an executive order declaring a public health emergency over the coronavirus threat.

Regina Capital's Limlingan also noted that the drop in global oil prices may have weighed on the local equities market.

"Oil markets tumbled more than 30% after the disintegrateion of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences," he explained. — RSJ, GMA News