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Stocks down as investors fear economic impact of pandemic
Philippine share prices declined on Friday, with the PSEi losing 0.55%, due to investor concerns over the economic repercussions of the COVID-19 pandemic.
The benchmark PSEi closed at 5,621.94, down by 31.22 points, while the All Shares index also fell by 0.30% to 3,403.80.
Investor sentiment was negatively impacted by the Philippine economy's 0.2% contraction in the first quarter of 2020, marking the first GDP decline since 1998.
There is an expectation that the economy could experience a more significant decline in the second quarter due to the full impact of the enhanced community quarantine.
Fitch Ratings downgraded its outlook on the Philippines from 'positive' to 'stable,' citing the expected near-term deterioration of the country's macroeconomic and fiscal situation caused by the pandemic and lockdown measures.
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The Philippine Stock Exchange Index (PSEi) closed higher by 0.25% on Thursday, with investors seemingly unconcerned by the country's first-quarter GDP contraction.
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The Philippine economy unexpectedly declined by 0.2% in the first quarter of 2020, marking the first contraction since the fourth quarter of 1998.
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The Philippine peso ended Wednesday sideways against the US dollar, closing at 50.46 from 50.52 on Tuesday.
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Fitch Solutions Macro Research projects the Philippine economy could contract by as much as 2% in 2020 due to the COVID-19 pandemic and lockdown measures.
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The Philippine peso weakened against the US dollar on Thursday, influenced by the country's economic contraction in the first quarter of 2020.
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