SHARE prices on the Philippine Stock Exchange (PSE) retreated on Monday, as the market awaited developments on the COVID-19 pandemic.
The main PSEi shed 56.32 points or 0.97 percent to close at 5,733.65. The broader All Shares lost 18.53 points or 0.53 percent to 3,473.90.
“Local shares started lower as investors remained vigilant on news of a possible treatment for the COVID-19 disease and after Trump administration announced guidelines for reopening the economy,” Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.
He was referring to US President Donald Trump’s statement over the weekend saying Republicans were “close” to getting a deal with Democrats on a support package for small businesses.
“House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were optimistic about reaching a deal to top up funds in a loan program aimed at helping small businesses stay afloat,” he explained. Mnuchin was reported to have said he is hopeful that a deal can be passed in the Senate on Monday, and the House on Tuesday.
More than 703.699 million shares, valued at P4.755 billion, changed hands. Advancers led decliners, 109 to 83, and 44 issues were unchanged.(GMA News)
