Stocks slump to 5,800 level as virus fight takes toll on PH
The benchmark Philippine Stock Exchange index (PSEi) fell sharply on Monday below the key 6,000 level as investors exited amid the sustained rise in new coronavirus infections in the country.
By the closing bell, the PSEi was down 2.37 percent, or 142.32 points, to 5,860.94 while the broader all-shares index was down 1.85 percent, or 65.18 points, to 3,467.83.
Shares across the Asian region were mostly up, signaling the Philippines’ continued divergence from its neighbors, many of which have managed to control the spread of the deadly virus.
Citing a recent survey from the Social Weather Stations, COL Financial research head April Lee-Tan said increased cautiousness among Filipinos, apart from the imposition of stricter lockdown measures, would lead to a slower economic recovery.
Luis Gerardo Limlingan, managing director at Regina Capital Development, said investors also stayed on the sidelines on Monday ahead of President Duterte’s fifth State of the Nation Address, where he later outlined recovery measures.
Given negative sentiments, most subsectors were down save for mining and oil, which rose 4.21 percent following gains by Nickel Asia Corp. and Philex Mining Corp. Financial stocks suffered a 4.29-percent drop.Volume was relatively lower with 3.1 billion shares valued at P3.9 billion changing hands. There were 133 losers versus 72 gainers, while 48 companies closed unchanged.
Article continues after this advertisementMerryMart Consumer Corp. was the most actively traded on Monday, gaining 4.68 percent to P2.46 per share.
It was followed by SM Investments Corp., down 1.83 percent to P884; Metropolitan Bank and Trust Co., down 4.85 percent to P34.30; BDO Unibank Inc., down 3.28 percent to P90; and Bank of the Philippine Islands, down 6.47 percent to P65 per share. INQ
