Stocks tumble anew on COVID concerns

Published December 28, 2020, 4:42 PM

by James A. Loyola

The local stock market dropped yesterday due to concern over the new strain of COVID-19 which may trigger the reimposition of more stringent quarantine measures.

The Philippine Stock Exchange index (PSEI) lost 82.13 points, or 1.14 percent, to close at 7,122.25 as all sectors retreated.

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A total of 60.55 billion shares worth P8.14 billion changed hands as losers beat gainers 175 to 62 with 34 unchanged.

“The PSEi continued lower today as we saw some panic selling due to the anticipation of tighter lockdown restrictions,” said AAA Equities Head of Research Chris Mangun.

Regina Capital Development Corporation Managing Director Luis Limlingan said “Local shares closed lower as investors monitored the latest developments on the congressional aid package.”

Mangun noted that, “The market’s early losses were not because of massive selling pressure but the lack of buy posts as investors expected the drop and opted to pick up shares at lower prices. Once sellers stopped dumping at the lower prices, buyers came back in, pushing prices higher and limiting losses for the day.”