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Manila Bulletin devider Business devider Stocks dip on rising COVID cases overseas

Stocks dip on rising COVID cases overseas

Published Sep 23, 2020 06:00 am

The local stock market declined on Tuesday despite some late bargain hunting.

The Philippine Stock Exchange idex (PSEi) dropped 15.04 points, or 0.26 percent, to 5,894.28 with only the Holding Firms and Services sectors steady.

Volume remained low at 4.4 billion shares worth ₱4.63 billion as losers beat gainers 105 to 86 with 46 unchanged.

“Philippine shares weakened amid concerns about the COVID-19 trajectory in Europe and illegal money movement by major global banks,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AAA Equities Head of Research Chris said The PSEi ”opened much lower and recovered toward the end of the trading session as investors picked up battered blue chips. A spike in new COVID-19 cases abroad may have nega-tively affected the sentiment.”

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