Inquirer
Local stock barometer falls to lowest in more than 3 years
The Philippine Stock Exchange index (PSEi) dropped by 179.93 points on February 28, 2020, closing at its weakest finish since December 27, 2016, at 6,787.91.
This decline of 2.58% marked the PSEi's worst weekly plunge in over three years, with a total fall of 7.9% for the week.
Global concerns over the escalating COVID-19 pandemic, which has infected 82,000 people and claimed 2,800 lives worldwide, fueled investor fears.
Local stocks fell as investors sought to safeguard their investments and preserve capital, with the market breaking below the 6,800 support level.
All sectoral indices at the PSE weakened, led by mining and oil which registered a 4.47% decline.
The market has now fallen deeper into bear territory, having lost 25% from its record high.
Analysts noted that the next support levels would be at December 2016's bottom of 6,499 and then at January 2016's low of 6,084.
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