Rise in COVID-19 cases dampens investor sentiment; PSEi down to 6,100 level

The local stock barometer slid to the 6,100 level on Thursday as the continued rise in local COVID-19 cases continued to dampen investor sentiment.

Bucking the upswing in global markets, the main-share Philippine Stock Exchange index (PSEi) fell by 92.92 points or 1.48 percent to close at 6,192.58.

While global stock markets climbed on optimism that a fiscal stimulus will shore up second quarter earnings, AAA Equities head of research Christopher Mangun said the PSEi resumed its decline as investors remained cautious amid sur­ging coronavirus cases.

“A reimposition of stricter lockdown measures will eliminate hopes of an economic rebound in the third quarter,” Mangun said.

“We may see the main index move lower and test support at 6,040 [on Friday],” he added.

The local index was weighed down most by the property counter, which slumped by 3.07 percent, while the industrial counter declined by 1.74 percent.

The financial, holding firm and services counter also slipped.

On the other hand, the mining/oil counter gained 1.33 percent.

Value turnover for the day amounted to P5.09 billion. There was net foreign selling worth P649.65 million for the day.

There were 104 decliners that edged out 87 advancers, while 39 stocks were unchanged.

The PSEi was weighed down most by Jollibee, which lost 4.5 percent, while SM Prime fell by nearly 4 percent.

SM Investments and Meralco both tumbled by over 3 percent, while Ayala Land lost 2.8 percent.

Globe Telecom shed 1.43 percent while ICTSI, URC, GT Capital and Metrobank all declined by less than 1 percent.

On the other hand, JG Summit gained 2.26 percent while Ayala Corp. added 1.87 percent.

PLDT, BDO and Puregold all rose by less than 1 percent.

—Doris Dumlao-Abadilla