The stock market plunged Friday after the Department of Health reported a 38-year-old Chinese woman was the first confirmed case of the 2019 novel coronavirus in the Philippines.
The Philippine Stock Exchange Index plummeted 191.89 points, or 2.6 percent, to 7,200.79 on a value turnover of P8.3 billion. Losers overwhelmed gainers, 168 to 49, with 33 issues unchanged.
Health Secretary Francisco Duque III said the first confirmed case arrived in the Philippines from Wuhan, China, via Hong Kong on Jan. 21. She reportedly traveled to the cities of Cebu and Dumaguete.
The virus now has killed 213 people in China and infected more than 8,000.
Metropolitan Bank & Trust Co., the second-biggest lender in terms of assets, dropped 6.4 percent to P57.35, while parent GT Capital Holdings Inc. fell 5.8 percent to P675.
Manila Electric Co., the biggest retailer of electricity, slumped 7.7 percent to P256, while Jollibee Foods Corp., the largest fast-food chain, declined 4.5 percent to P191.20.
The rest of Asian markets struggled to find their footing in Asia on Friday after the World Health Organization declared a global health emergency over the deadly new virus sweeping China.
Tokyo welcomed the news, closing up 1.0 percent, while Sydney added just over 0.1 percent and Taipei closed out the day with a healthy 0.6 percent gain.
But Hong Kong dithered and after opening up on the news steadily lost its way to finish the day 0.5 percent lower.
Jakarta fared worse—down 1.9 percent.
After saying last week they needed more information, the WHO invoked the rarely used designation that experts hope will lead to better international coordination to combat a disease that has already killed 200 people, and sickened thousands more.
But the Geneva-based body stopped short of recommending trade and travel restrictions that could have had a bruising effect on China—a key growth engine for the world economy.
“This is not a vote of no confidence in China,” WHO chief Tedros Adhanom Ghebreyesushe said, praising Beijing for its swift action to tackle the outbreak.
China has locked down a swathe of its center, effectively quarantining millions of people in their cities and halting travel around the country.
“We must all act together now to limit further spread… We can only stop it together,” said Tedros, who travelled to China this week and met with President Xi Jinping.
Foreign airlines—including British Airways and Lufthansa—have begun canceling or curtailing flights to and from China, and a number of governments are recommending citizens do not visit the country.
But Tedros said there was “no reason” for any of the international travel or trade restrictions announced in recent days.
Investors initially applauded the WHO’s move, plunging back into markets that have lost altitude over recent days as the 2019-nCoV crisis has worsened.
“Sure the WHO raised the alert, but they didn’t ring the apocalypse bell so it could be time for risk-takers to come out of hibernation,” said Stephen Innes, chief market strategist at AxiCorp.
The WHO move “eased some mushrooming fears by suggesting the number of outbreaks is relatively small”, he said. With AFP