MANILA – Philippine shares fell on Monday as the number of confirmed coronavirus infections increased, with stocks approaching bear market territory.
The Philippine Stock Exchange Index was down 5.49 percent to 6,399.04 in early trading, after the Department of Health over the weekend verified seven new cases, bringing the country’s total to 10.
The main index has fallen 23 percent since July, based on Bloomberg data. A market gauge needs to drop 20 percent from a peak over a sustained period of time for it to be considered in bear territory.
Stock markets plunged around Asia on Monday, as panic selling set in with traders fretting over the economic impact of the new coronavirus and digesting a free-fall in the oil price.
By mid-morning, the benchmark Nikkei 225 index had dropped 5.10 percent or 1,058.06 points to 19,691.69, while the broader Topix index was off 5.01 percent or 73.69 points to 1,397.77.
Other markets in the region were also suffering with Hong Kong stocks down 3.8 percent at the open, Australia off more than five percent and equities in New Zealand and South Korea both down by just under three percent.
In China, the benchmark Shanghai Composite Index dived 1.56 percent while the benchmark Philippine stock exchange index opened down nearly four percent. (with a report from Reuters/ABS-CBN News)
