The local stock market dropped after another major oil price hike as well as concern over the impact of the Covid surge in China.
The main index lost 40.81 points or 0.58 percent to close at 6,890.02 as Holding Firms led the retreat although the Industrial and Property sectors advanced. Volume dipped further to 549 million shares worth P4.11 billion as gainers edged out losers 94 to 91 with 48 unchanged.
“Philippine shares slid into the red as concerns about a global economic slowdown amid Covid outbreaks in China,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market declined as investor sentiment was dampened by inflation fears amid the newly implemented increase in fuel prices, and concerns over China’s COVID-19 stricken economy and its knock-on effects on the local economy.”
He noted that, “Adding to the worries is the growing warnings over a possible rise in COVID-19 cases in the country in the succeeding months. According to the OCTA Research team, the Philippines may experience a rise in infections by May or June.”