PSE index drops below 6,500 | Inquirer Business
STOCK MARKET

PSE index drops below 6,500

/ 04:02 AM April 14, 2021

The local stock barometer dropped below the 6,500 level on Tuesday as the unabated rise in local coronavirus cases unnerved investors.

The main-share Philippine Stock Exchange index (PSEi) shed 60.85 points, or 0.93 percent, to close at 6,457.79.

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The downturn was due to indications that the government may reimpose stricter lockdown measures if COVID-19 cases would continue to rise, said Luis Gerardo Limlingan, managing director at Regina Capital Development. This was as the COVID-19 death toll breached 15,000 on Monday, he noted.

Christopher Mangun said the lack of positive catalysts was curbing sentiment.

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“Business restrictions are less restrictive under current MECQ (modified enhanced community quarantine) guidelines; however, the constant rise of cases continues to spook investors,” Mangun said.

However, he said prices were approaching levels that attracted buyers just a few weeks ago, which may lead to some bargain-hunting.

Except for the services, which eked out a marginal gain, all counters headed lower.

The financial, industrial and property counters declined by nearly 2 percent, while the holding firm and mining/oil sector shed less than 1 percent.

Total value turnover stood at P6.1 billion. There was P1.42 billion in net foreign selling for the day.

—DORIS DUMLAO-ABADILLA INQ
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