Stocks plunge due to new Delta cases

Published July 26, 2021, 5:35 PM

by James A. Loyola

Philippine share prices continue to dive ahead of the President’s state of the nation address even as more new local cases of the Delta variant are reported.

The main index fell 148.13 points or 2.27 percent to close at 6,372.61 as blue chip holding firms and banks led the sell-off.

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Volume dropped to 1.95 billion shares worth P4.15 billion as losers were triple the number of gainers at 151 to 49 with 39 unchanged.

“Investors sold out of the market as they await the final SONA to be addressed by the President Duterte at 4pm,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “In other market making news the Federal Reserve will also be meeting on Thursday and many will be looking to the latest guidance of Chairman Powell.“

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse plunged on the back of Delta variant worries. This comes as more COVID-19 cases with the said strain are detected in the country with the total confirmed at 119 as of Sunday.”

He noted that, “This raises the risk of a resurgence in COVID-19 cases, and a reimposition of strict quarantine measures, which may delay our economic recovery.”

Tantiangco said “Trading remained lethargic with net value turnover below the year-to-date average of P7.41 billion. This comes as investors stayed on the sidelines amid the lingering uncertainties.”

 
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