PSEi tumbles as NCR mulls over another strict lockdown

The benchmark Philippine Stock Exchange Index (PSEi) fell on Wednesday as the spectre of another round of strict lockdowns emerged in a bid to combat the more contagious Delta coronavirus strain.

By the closing bell, the PSEi was down 0.76 percent, or 49.55 points, to 6,473.03 while the broader all-shares index dropped 0.73 percent, or 29.66 points, to 4,010.09.

Earlier, the OCTA Research Group proposed a two-week lockdown to avert any crisis in the country’s healthcare system as COVID-19 infections climbed anew.

“We are in a surge [of COVID-19 cases] here in the National Capital Region,” said professor Ranjit Rye, a fellow of the research group.

Media reports on Wednesday also showed major business groups supporting a hard lockdown in the latter part of August.

Concerns over movement curbs and its impact on the broader economy dragged down all subsectors on Wednesday.

Financial stocks led the pack with a 1.28-percent drop, followed by Industrial, down 1.16 percent, and mining and oil, down 0.97 percent.

Volume was still relatively low with 1.08 billion shares valued at P4.49 billion changing hands.

There were 144 losers against 44 gainers, while 37 companies closed unchanged.

Property giant Ayala Land Inc. was the most actively traded on Wednesday as it gained 0.59 percent to P34.05 per share.

It was followed by BDO Unibank Inc., down 2.07 percent to P104.20; SM Prime Holdings Inc., down 1.62 percent to P33.40; Ayala Corp., down 1.35 percent to P730; and LT Group Inc., down 0.52 percent to P9.50 per share.

Other actively traded stocks were AC Energy Corp., down 2.01 percent to P7.80; JG Summit Holdings, down 2.46 percent to P57.50; International Container Terminal Services Inc., down 0.61 percent to P162; and Jollibee Foods Corp., down 2.66 percent to P190.50 per share.