PSEi falls 1.64% on COVID-19 fears

The main index of the Philippine Stock Exchange (PSEi) fell by 1.64% on Friday, closing at 7,282 points, due to investor concerns about the coronavirus disease 2019 (COVID-19) outbreak.

Trading sentiment was mixed across regional markets as investors tracked the COVID-19 contagion, with some wary of China's new reporting system for cases.

All local market counters ended in the red, with financial, industrial, holding firm, and property counters slumping by over 1 percent.

Value turnover for the day amounted to P6.45 billion, with P864.82 million worth of net foreign selling dragging the market.

Despite the PSEi's decline, 100 advancers outnumbered 82 decliners, as investors focused on buying opportunities outside the main stock basket.

Jollibee, which fell by 5.03 percent, and property giant Ayala Land, which tumbled by 4.2 percent after reporting its fourth quarter earnings, weighed down the PSEi.