PH shares plunge almost 200 points

Published March 19, 2021, 4:46 PM

by James A. Loyola

The local stock market plunged almost 200 points after government tightened lockdown measures while US bourses also weakened.

The PSEI fell 194.75 points or 2.94 percent to close at 6,436.10 as share fell across the board.

Volume rose to 3.53 billion shares worth P10.41 billion as losers beat gainers 157 to 64 with 35 unchanged.

“Philippine shares were sold down towards market on close as funds realigned with the latest FTSE rebalancing decision,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “sentiment spilled over as  US equities ended lower yesterday, as the rise in treasury yields prompted investors to sell tech stocks.”

Philstocks Financial Research Associate Claire Alviar said “The market ended the week lower due to the localized lockdown and more restrictive measures by the government.”

“Negative sentiment in the market spilled over as the government tighten lockdown measures in Metro Manila to control the spread of the Covid-19 cases. Non-essential businesses will operate again either at limited capacity or operation will be suspended for the next two weeks,” she said.

Alviar noted that, “These measures are expected to harm the economic recovery of the Philippines.”