Coronavirus pushes Philippine shares deeper into bear territory

MANILA, Philippines – Philippine shares fell further into bear market territory on Monday, March 16, as the government struggles to contain the novel coronavirus .

"With the number of cases rising, the country has added measures for more social distancing.

This however would imply that growth would be cut as establishments would realize less business as a result," said Luis Limlingan of Regina Capital.

All subindices were also in the red, with holding firms bleeding the most by over 10%.

Decliners trumped advancers, 145 to 46, while 40 firms remained unchanged.

The circuit breaker or 15-minute trading halt was triggered twice last week, as shares fell by over 10%.

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