Stocks drop as no vaccines in sight

Published February 24, 2021, 4:43 PM

by James A. Loyola

Local share prices dropped on Wednesday, (Feb. 24)   as sentiment continue to be weighed down by government’s decision not to ease lockdown measures.

The PSEi lost 58.72 points, or 0.86 percent, to close at 6,755.95 as all sectors weakened across the board.

PSE file photo

Volume rose to 36.1 billion shares worth P14.7 billion as losers beat gainers 174 to 58 with 37 unchanged.

“The market declined  as investors still digested the decision of the government of rejecting to place the entire country under modified general community quarantine (MGCQ) without the Covid-19 vaccine rollout,” said Philstocks Financial Research Associate Claire Alviar.

She added that, “Negative sentiment remains in the market since worries over the economy’s recovery are heightened given the uncertainties on the rollout of the vaccine.”

Regina Capital Development Corporation Managing Director Luis Limlingan said “Shares in the Philippines and across Asia dropped as the market’s concerns towards rising inflation needed to be tamed by Fed. Chair Jerome Powell’s speech.“

He added that, “many are anticipating a selldown on Friday when MSCI’s rebalancing finally takes place.”