Philippine stocks rise despite Covid-19 concerns

Philippine stocks rose on Monday despite concerns over the coronavirus disease (Covid-19), with the PSEi increasing by 0.62% to 7,326.85 points.

All Shares also saw gains, improving by 0.45%, while sectors like Holding Firms and Financials rose but Mining and Oil declined.

Trading volume was thin at PHP7.84 billion with gainers outnumbering losers 107 to 77.

On Sunday, market analysts predicted that trading would remain quiet as investors awaited developments to reduce uncertainties caused by the virus and regulatory concerns.

The PSEi closed lower on Friday, down 121.12 points or 1.63% due to lingering coronavirus jitters and local corporate developments.

Elsewhere in Asia, sentiment was mixed with some caution over China's new reporting system for the outbreak.