Philippine shares retreat over 2.5% amid COVID-19 fears

Philippine share prices retreated by over 2.5% on Monday, driven by negative sentiment due to the global health crisis caused by COVID-19.

The PSEi closed at 5,131.16 after dropping 135.46 points, while the All Shares index lost 75.19 points.

Investors' focus shifted back to rising cases of COVID-19 in the US, which now has the highest number of confirmed cases globally.

Shares are expected to remain volatile this week as investors continue to react to developments regarding the pandemic.

Value turnover decreased and net foreign selling slowed down compared to previous weeks.

The market rallied early on Friday but closed lower by 2.49%, with risk aversion high moving into the weekend.