Philippine stocks volatile amid coronavirus worries

Philippine stocks showed volatility last week due to concerns over the coronavirus pandemic.

The PSEi closed up 1% on Friday at 5,793.94 points but dropped 14.42% for the week.

Value turnover averaged PHP7.79 billion, a 28% increase from the previous week, with net foreign selling averaging PHP748.05 million.

The market entered bear territory after losing 6.76% on Monday and experienced two circuit breaker halts due to sharp declines.

On Friday, stocks closed positively despite lingering coronavirus concerns, while the peso weakened against the US dollar.