PSEi slips into bear territory, closes below 7,200
The Philippine Stock Exchange index (PSEi) slipped into bear territory on Friday, dropping 2.6 percent to close at 7,200.79, marking its lowest level since November 16, 2018.
The decline was driven by global concerns over the novel coronavirus outbreak and domestic issues such as water concession uncertainties and Taal volcanic activity.
Net foreign selling amounted to P1.7 billion for the day, exacerbating market sentiment.
Despite the stock market downturn, the Philippine peso recovered slightly against the US dollar, finishing at 50.83 from 50.96 a day earlier.
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