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Pandemic continues to bug PH stocks

The lack of positive developments in the country’s pandemic situation caused a slow start for the local bourse, prompting it to extend its losses on Monday.

The Philippine Stock Exchange’s electronic billboard at the Bonifacio Global City in Taguig City. PHOTO BY ENRIQUE AGCAOILI

The bellwether Philippine Stock Exchange index (PSEi) declined by 0.54 percent or 35.05 points to its intraday low of 6,459.76, while the broader All Shares shed 0.31 percent or 12.49 points to end at 3,969.02.

AAA Equities head of research Christopher Mangun said the lack of positive news on the local pandemic situation “resulted in slightly higher selling pressure coupled with the lack of buying, which resulted in the main index ending at its lowest level for the day.”

The Philippines recorded 10,098 new coronavirus disease 2019 (Covid-19) on Sunday, bringing the total to 936,133.

“We expect it to continue with this trend until investors can determine what the economy will look like in the coming months,” Mangun noted.

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said “investors continued to pile up stock in the US, following the country’s strong earnings from the blue chips and sound economic data, supporting economic recovery.”

The mining and oil and financials indices were the only survivors among local sectors as each gained 1.02 percent and 0.02 percent, respectively, while the holding firms sector declined the most at 0.6 percent.

Total volume turnover was at 6.26 billion shares valued at P4.89 billion.

Losers outpaced winners, 119 to 81, while 47 securities were unchanged.

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