Stocks fall as NCR reverts to MECQ

Published August 3, 2020, 4:48 PM

by James A. Loyola

The local stock market plunged yesterday after government’s sudden reimposition of more restrictive quaratine measures due to its failure to stem the surge in COVID-19 cases amid efforts to reopen the economy. 

The Philippine Stock Exchange index (PSEi) fell 212.53 points, or 3.59 percent, to close at 5,715.92 as share prices fell across the board. 

Volume rose to 1.63 billion shares worth P6.59 billion as losers swamped gainers 154 to 51 with 39 unchanged. 

“Shares closed much lower to kick off August, after weighed down the sudden shift back to MECQ (Modified Enhanced Community Quarantine), disappointing global economic data and a lack of progress on Capitol Hill toward another coronavirus aid package,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

AAA Equities Head of Research Chris Mangun noted that, “Investors rushed to close positions today after Metro Manila and surrounding cities were placed under stricter quarantine restrictions for the next two weeks. The move caught most investors off guard as the government struggles to restart an ailing economy.”