Stocks slightly up despite COVID cases concerns

Published March 12, 2021, 4:02 PM

by James A. Loyola

The local stock market managed to close in the green even as investors worry over the impact of rising COVID-19 cases in the country, particularly in Metro Manila.

PSE file photo

The PSEi gained 9.37 points or 0.14 percent to close at 6,728.55 with sectoral indices evenly mixed.

Volume dropped to 3.41 billion shares worth P6.87 billion as gainers beat losers 108 to 99 with 60 unchanged.

“Local shares closed flat on thin volumes as investors went on a wait and see mode as Metro Manila mayors have agreed to impose unified curfew in their respective jurisdiction for 2-weeks,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse climbed on the back of the positive spillovers from Wall Street.“
He noted that “The market struggled to close in the green territory however as COVID-19 concerns continued to weigh on sentiment.”

Tantiangco said “Net foreign selling continued with today registering P602.86 million. Net foreign outflows are already on an 18-day streak averaging P1.24 billion per day.“