PSEi succumbs anew to nCoV fears Manila Water resurfaces !-- -- Iris Gonzales (The Philippine Star) - February 4, 2020 - 12:00am MANILA, Philippines Mounting fears over the spread of the novel coronavirus continue to hound the Philippine stock market, analysts said. The benchmark Philippine Stock Exchange finished at 7,137.03, down 63.76 points or 0.

88 percent while the broader All Shares index dipped by 35.38 points, or 0.82 percent, to end at 4,256.83. Most indexes were down, ending mostly in negative territory except for the Industrial index which managed to end in the green.

Total value turnover was thin at P5.871 billion. Market breadth was negative, 129 to 73 while 39 issues were left unchanged.

"Mounting fears on the coronavirus and its impact on the global economic continue to send the local bourse together with other Asian markets into negative territory," Philstocks Financials said. Foreign investors dumped their stocks amid fears surrounding the virus.

Foreign selling stood at P3 billion while foreign buying reached P2.7 billion for a net foreign selling of P289 million. In terms of specific issues, Manila Water finished higher at P12.76 per share, up 4.

93 percent. Its parent company Ayala Corp.

announced that the infrastructure company of tycoon Enrique K. Razon Jr.

, Prime Metroline Holdings Inc., is joining Ayala Corp as a strategic investor in Manila Water with the acquisition of a 25 percent stake in the company.

Ayala remains a shareholder with a 38.6 percent stake.

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