Philippine stocks fall due to coronavirus worries

The Philippine stock market has been declining due to concerns over the novel coronavirus rather than economic indicators.

On Monday, February 3rd, the PSEi dropped to below 7,150 points as investors worried about the virus's impact on China and the Philippines.

Health officials are studying 80 potential cases of the virus in the country; two have tested positive so far.

The first overseas death from the virus was reported over the weekend, causing further market decline.

Analysts predict that shares may continue to move sideways as fears persist.