Philippine shares halt slide as virus fears weigh on Asia

ABS-CBN News

Posted at Feb 27 2020 10:16 AM | Updated as of Feb 27 2020 11:46 AM

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MANILA -- Philippine shares rebounded on Thursday after falling the most in 4 years the day before, as investors braced for the impact of the coronavirus outbreak.

The Philippine Stock Exchange Index opened 0.48 percent higher to 6,943.06. The benchmark fell by 4.3 percent on Wednesday, the most since January and tracking its Asian peers due to worries over the virus.

Buyers "panicked away" from food, retail and airline stocks, with the coronavirus expected to weigh on those industries, said Mangun on Markets founder John Mangun.

Wednesday's session also saw the biggest net outflow in 3 months, with net sales of $60.4 million (P3.1 billion), according to Bloomberg data.

Shares of ABS-CBN Corp were up 4.35 percent at the start of trading while those of ABS-CBN Holdings were up 8.85 percent.

President Rodrigo Duterte late Wednesday he accepted ABS-CBN's apology over a 2016 campaign ad placed by his rival and that he was leaving the grant of a new franchise to the network up to lawmakers.