Sharp rise in COVID-19 cases pulls down PSEi by over 100 pts

The benchmark Philippine Stock Exchange Index (PSEi) fell over 100 points on Thursday after the Department of Health (DOH) announced a sharp increase in COVID-19 infections, raising the specter of an extension of strict lockdown measures.

The PSEi ended the session lower by 1.65 percent, or 110.29 points, to 6,556.57 while the broader all-shares index was down 1.26 percent, or 51.68 points, to 4,059.93.

The DOH announced the previous evening that new COVID-19 cases hit 12,021, the highest figure in about four months, indicating the faster spread of the deadly virus.

Among Philippine Stocl Exchange (PSE) subsectors, only mining and oil closed positive with a 1.47-percent gain.

Losers were led by property, down 3.14 percent, and holding firms down 2.14 percent.Selling volume also accelerated with 4.1 billion shares valued at P18.26 billion changing hands, data from the PSE showed. There were 133 decliners versus 66 gainers while 51 companies closed unchanged.

AC Energy Corp. was the most actively traded on Thursday as it lost 4.34 percent to P8.82 per share.

It was followed by Converge ICT Solutions, down 1.83 percent to P26.85; Emperador Inc., down 3.92 percent to P12.24; Filinvest REIT Corp., up 0.29 percent to P7.02; and PLDT Inc., up 1.12 percent to P1,265 per share.