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Market declines on ‘modified ECQ’

The Philippine Stock Exchange index dropped 16.26 points on Tuesday to close at 5,651.67 as investors traded cautiously following the government’s decision to place Metro Manila under “modified enhanced community quarantine” until May 31.

Luis Limlingan, managing director of Regina Capital and Development Corp., said investors were mulling over the hurdles to restart the domestic economy after Malacanang’s announcement.

Share prices of property-related stocks, including Ayala Land Inc. and SM Prime Holdings Inc., declined on Tuesday on expectations that the real estate industry would be severely affected by the pandemic.

Ayala Land declined by 4.5 percent to P31.80 while SM Prime Holdings Inc. fell 3.4 percent to P29.60.

Topics: Stock Market , Philippines Stock Exchange , PSE , Philippines Stock Exchange Index , PSEi , modified enhanced community quarantine , modified ECQ
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