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PHL shares trade flat as nCoV scare keeps investors cautious
Philippine stocks are anticipated to trade sideways this week as concerns surrounding the novel coronavirus (nCoV) begin to ease and corporations start releasing their earnings reports.
The Philippine Stock Exchange index (PSEi) closed Tuesday flat at 7,439.40, gaining 0.12%, after experiencing a balanced trading day with equal buyers and sellers.
Investor sentiment remains anxious due to the potential economic effects of the nCoV outbreak, leading them to stay on the sidelines.
The market had previously fallen to a low of 7,137.03 on February 3 due to global worries about the virus's economic consequences.
Chris Mangun of AAA Equities noted that the PSEi might decline towards the 7,200 support level as investors continue to assess the situation.
The PSEi gained 4.25% for the week prior, recovering from four consecutive weeks of decline.
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