Epidemic still a concern as market returns to red.
The stock market continued to weaken, ignoring the recent Fitch upgrade as concerns about the spread of COVID-19 continue to linger.
'Epidemic and regulatory concerns weighed on the local market yesterday, pulling it down by 56.30 points' Philstocks Financials said.
The PSEi ended at 7,383.10, down 56.30 points or 0.75 percent, while the broader All Shares slipped 34.59 or down 0.78 percent.
Most indexes were down led by the industrial, services and mining and oil sectors.
Total value turnover reached P6 billion. Market breadth was negative with 122 losers and 63 gainers, while 51 issues were left unchanged.
Traders said the market ignored Fitch's recent upgrade as more pressing concerns such as the coronavirus epidemic continue to threaten the Philippine economy.
Fitch Ratings raised its outlook on the Philippines due to its 'very strong' macroeconomic story, which it needs to sustain its first ever A credit rating.
The global debt watcher upgraded the Philippines' outlook to 'positive' from 'stable.
Thus, its current 'BBB' rating, which is a notch below A, could be upgraded soon.
The outlook determines the direction of the rating or credit score with a high credit rating allowing the Philippines to borrow at significantly lower interest rates.