Vaccine trial holdup disheartens PSEi

The stock barometer slipped below 6,000 on Wednesday as investors priced in fresh uncertainties due to the COVID-19 pandemic.

The main-share Philippine Stock Exchange index (PSEi) pulled back by 101.19 points or 1.68 percent to close at 5,932.84, tracking the downturn across US and regional markets.

“Philippine shares fell as concerns arose regarding the progress on the development of one of the vaccine candidates. AstraZeneca has put a hold on the late-stage trial of its highly anticipated COVID-19 vaccine candidate after a suspected serious adverse reaction in a study participant,” said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development.

Limlingan also noted another massive drop in technology stocks that placed Nasdaq Composite in correction territory and led to the S&P 500’s worst three-day stretch in months. In addition, he cited the escalation of US-China tensions.

At the local market, all counters declined, led by the property counter, which slid by 2.82 percent.The financial, holding firm and mining/oil counters all lost over 1 percent, while the industrial and services counters all declined by less than 1 percent.

Value turnover for the day amounted to P5.1 billion. There was P543.03 million worth of net foreign selling in the market.A total of 118 decliners outnumbered 73 advancers, while 48 stocks were unchanged.The index was weighed down most by Ayala Land, which slid by 3.72 percent, while SM Investments, SM Prime, BDO and Metrobank all lost over 2 percent.

BPI, Puregold, ICTSI and Metro Pacific all fell by over 1 percent.

PLDT, Ayala Corp., URC, JG Summit and Jollibee all declined by less than 1 percent.On the other hand, AGI racked up 6.7 percent, while GT Capital rose by 1.2 percent. RRHI was modestly higher.Outside the PSEi, notable gainers included AC Energy and MerryMart, which surged by 6.83 percent and 2.73 percent, respectively.