Stocks fall ahead of long weekend
The local stock market fell as investors cashed out ahead of the uncertainties that shroud the long weekend.
The main index dropped 102.46 points or 1.57 percent to close at 6,443.09 as share prices fell across the board.
Volume improved but remained low at 2.4 billion shares worth P6.5 billion as losers beat gainers 113 to 97 with 50 unchanged.
“Philippine shares closed the last trading day of the quarter in the red as shares came under pressure again across the region after the 10-yr US Treasury yield touched its highest level since Jan 2020,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors also took precaution ahead of the long holiday and rebalanced their portfolios for window dressing.”
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse plunged further as investors liquidated positions ahead of the upcoming holidays.”
He noted that, “Coronavirus concerns continued to weigh on sentiment amid the continuous surge in cases. Worries over the possible extension of the tight quarantine measures in the NCR plus and its impact on the corporate and economic outlook of our country also contributed to today's decline.”
AAA Equities Head of Research Chris Mangun said “Losses were seen across the board with property and banking issues taking the biggest losses. Even quarantine favorites took substantial losses, giving investors no shelter from the market's weakness.”
He said “The uncertainty on the extension of the tighter restrictions is the biggest concern of investors due to its devastating effect on the economy's recovery. Hopes of a strong economic recovery this year continues to fade as the health crisis gets worse.”