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Stocks set tense kickoff as virus cases continue uptrend

/ 04:07 AM June 30, 2020

The local stock market saw a sluggish start to the week as investors fretted over the continued rise of new coronavirus infections across the globe.

Newly listed Altus Property bucked the day’s downturn, gaining 50 percent to close at its day high of P27.75 per share. The shares of this Robinsons Land subsidiary, expected to be a vehicle for real estate investment trusts, have sizzled since the company’s listing by way of introduction on the Philippine Stock Exchange (PSE) last Friday.For its part, the main-share PSE index (PSEi) tumbled by 86.66 points, or 1.4 percent, to close Monday at 6,105.18, tracking the downturn across regional markets.Papa Securities expected the dull start, noting markets were once again reacting negatively to rising COVID-19 cases across the globe, which breached the 10-million mark over the weekend.

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The Bangko Sentral ng Pilipinas’ surprise 50-basis point interest rate cut also provided little stimulus to the PSEi, the local stock brokerage said.

“Given this, we continue to eye the major 6,000 support as our preferred area to enter as the index could still see weakness from the current 6,200 level, with a potential bounce up to its recent high around 6,500,” Papa Securities said.All counters ended in the red, particularly the financial and holding firm counters, which tumbled by 2.76 percent and 2.04 percent, respectively.

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The industrial, services, mining/oil and property counters all slipped by less than 1 percent.Value turnover for the day was relatively low at P5.55 billion. There were 142 decliners that overwhelmed 63 advancers, while 44 stocks were unchanged. Net foreign selling amounted to P908 million.

BDO led the PSEi’s decline, losing 4.57 percent. Megaworld lost 3.99 percent. —Doris Dumlao-Abadilla INQ

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