PSEi falls to lowest since Dec 2016 amid coronavirus fears

The Philippine Stock Exchange index (PSEi) fell to its lowest level since December 2016 on Friday, dropping by 2.58% due to fears over the global impact of the coronavirus outbreak.

Investors sold down large-cap stocks in line with a bloodbath across US and regional markets, leading to heavy net foreign selling totaling P4 billion.

The market's decline was exacerbated by concerns about supply chain disruptions and trade impacts, pushing it deeper into bear territory with a 25% loss from its record high.

Analysts noted that the next support levels for the PSEi would be at December 2016’s bottom of 6,499 and then at January 2016’s low of 6,084 if it continues to fall.