The local stock market fell again ahead of the release of GDP figures on Thursday while investors grow increasingly worried over the new strain of the coronavirus.
The PSEi lost 113.55 points or 1.63 percent to close at 6,863.61 with only the Mining and Oil counter advancing.
Volume was lower with 98.96 billion shares worth P10.68 billion changing hands as advancers outpaced losers 112 to 101 with 50 remaining steady.
“Local shares continued to fall as investors digested the latest trade balance and agricultural output data, while others remained on the sidelines ahead of the release of fourth quarter GDP tomorrow,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse extended its decline as pandemic concerns continued to cloud investor sentiment. This comes amid the threat of the new and more infectious COVID-19 variant from the UK which has already been detected in the country.”
AAA Equities Head of Research Chris Mangun said “The PSEi declined further led by substantial losses in large-cap property stocks. The sentiment continues to deteriorate on concerns of rising covid-19 cases which may lead to a tightening of current restrictions.”
“Although the rate of new serious cases continues to decline, more and more investors are unloading positions, in preparation of the worst case scenario,” he added.