PSEi falls on profit-taking, COVID-19 concerns

Philippine stock prices declined on Friday due to profit-taking from previous sessions and lingering concerns over the economic impact of COVID-19.

The benchmark PSEi dropped by 43.22 points or 0.58% to close at 7,369.78, while broader All Shares fell by 29.11 points or 0.66% to end at 4,346.76.

Analysts cited cautious investor sentiment due to new coronavirus cases in China and other countries intensifying fears over its spread and economic impact.