By James A. Loyola
The local stock market fell on Friday after the announcement of an extension of the quarantine period in key areas of Luzon.
The Philippine Stock Exchange index (PSEi) lost 134.57 points, or 2.40 percent, to close at 5,464.98 although the Services sector managed to gain on the strength of PLDT.
Volume remained thin at 829 million shares worth ₱5.24 billion as losers beat gainers 105 to 76 with 48 steady.
“Shares ended lower as investors assessed the impact of the extension of the ECQ until May 15 in the Philippines amid reports globally that suggested that a closely followed experimental drug intended to be used to treat coronavirus delivered disappointing results in an ‘inconclusive’ trial,” said Regina Capital Development Corporation Managing Director Luis Limlingan.