Stocks drop on rising COVID cases

Published August 23, 2021, 4:54 PM

by James A. Loyola

The local stock market started the week lower as investors fret over the rising COVID cases in the country.

The main index lost 41.55 points or 0.63 percent to close at 6,592.67 with only the Industrial and Services counters advancing.

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Volume was steady at 1.94 billion shares worth P6.29 billion as losers beat gainers 105 to 87 with 45 unchanged.

“Philippine shares continued to trade weaker after last week’s run up as investor continue to vigilantly watch the Covid cases worldwide and how they would affect economic recovery in the short to medium term,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “many are also assessing the proposed budget released by the DBM for Congressional approval.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “A last minute sell-off sent the local market lower. This was due to worries over our country’s COVID-19 situation as our daily new case counts remain elevated.”

He explained that, “A further worsening of our COVID-19 situation subjects our economy to the risk of tight social restriction measures.“

 
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