PSEi plunges anew as Delta variant sparks renewed lockdown fears

The benchmark Philippine Stock Exchange (PSEi) fell sharply on Wednesday following concerns the more infectious Delta coronavirus variant would trigger fresh lockdowns and derail economic recovery.

By the closing bell, the PSEi was down 1.68 percent, or 110.99 points, to 6,476.21 while the broader all-shares index lost 1.31 percent, or 53.55 points, to 4,031.

Metro Manila mayors agreed to again restrict outdoor activities for children and were open to imposing granular lockdowns when needed.

Moreover, uncertainties over the government’s ability to control a fresh spike in COVID-19 cases triggered another round of selling at the PSE.

All subsectors closed in the red, the largest drop coming from financials, down 3.05 percent, followed by industrials, down 2.09 percent, and holding firms, down 1.71 percent.

A total of 1.6 billion shares valued at P5.9 billion changed hands on Wednesday as losers outnumbered gainers, 167 to 45, while 41 companies closed unchanged.

Property giant Ayala Land Inc. was the most actively traded as it gained 0.59 percent to P34.30 per share.

It was followed by Metropolitan Bank & Trust Co., down 4.34 percent to P44.10; AC Energy Corp., down 2.56 percent to P8; BDO Unibank Inc., down 4.06 percent to P104.10; and Jollibee Foods Corp., down 3.13 percent to P204 per share.