The local stock market dropped following losses in US bourses on concern over the surge in COVID-19 cases worldwide.
The main index lost 61.03 points or 0.94 percent to close at 6,439.39 although the Services sector managed to advance.
Volume remained thin at 3.46 billion shares worth P5.37 billion as gainers actually outnumbered losers 108 to 92 with 52 unchanged.
“Philippine stocks slipped anew as regional COVD-19 cases continue to pile up around the world,” said Regina Capital Development Corporation Managing Director Luis Limlingan
He noted that, “Another round of better-than-expected earnings did little to push benchmarks up. Equity prices retreated from recent highs amid concerns that India will impose coronavirus-related restrictions as well.”
Philstocks Research Associate Claire Alviar said “The local bourse declined along with regional peers following the drop of the US markets overnight as concerns over the rising Covid-19 cases globally weighed on sentiment.”
She added that, “the restriction of the US on traveling to the Philippines weighs further on sentiment.”
AAA Equities Head of Research Chris said “The PSEi swung back and ended lower again today due to losses in a couple of large-cap blue chips. The trading day started slow as prices moved sideways but selling pressure gradually picked up until the end of the session.”
He added that, “There was a large sell off right at the close which pushed several blue chips as well as the main index to end at their lowest levels for the day. The increased selling pressure on blue chips may be a sign of frustration from investors due to the lack of concrete positive developments on the health crisis.”