Stocks fall due to virus, typhoons, US polls

Published October 29, 2020, 4:59 PM

by James A. Loyola

Photo credit: (https://www.pse.com.ph/)

The local stock market fell as investors continued to cash out due to increasing COVID-19 cases overseas, the impact of successive typhoons and the coming US elections.

The PSEi lost 128.40 points or 2.01 percent to close at 6,249.39 as share prices fell across the board.

Volume was steady at 3.36 billion shares worth P6.66 billion as losers walloped gainers 147 to 58 with 52 holding steady.

“Local shares saw one of its worst sell-off in months amid rising COVID cases and jitters over the election outcome,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AAA Equities Head of Research Chris Mangun noted that, “The PSEi continued lower as selling pressure picked up. We saw a substantial sell down at the open as investors rushed to secure any profits from the recent rally. This prompted buyers to wait on the sidelines which caused prices to go much lower.”

He added that, “The sentiment may have been negatively affected by the series of typhoons that have hit  and will continue to come in by next week.”

 
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