Stocks end lower before SONA

Published July 22, 2020, 10:00 PM

by James A. Loyola

The local stock market lost more ground yesterday as investors cashed out amid concern that the government may reimpose stricter lockdown measures. 

The Philippine Stock Exchange index (PSEi) dropped 72.05 points, or 1.17 percent, to close at 6,064.26 with only the Mining & Oil counter managing to advance. 

Volume remained low at 3 billion shares worth P4.5 billion as losers beat gainers 105 to 89 with 35 steady. 

“Investors took profits as the local second quarter earnings releases will start next week and kept to the sidelines ahead of the State of the Nation Address,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

AAA Equities Head of Research Chris Mangun said “we saw a rush of selling right at the runoff, which caused it to close as its lowest level for the day. The increased selling pressure at the end of trading day is a clear sign that investors lack optimism. Trading volumes remain low as buyers are hesitant to pick up battered shares. The sentiment is extremely cautious due to the uncertainty in the business environment in the coming months.”