The benchmark Philippine Stock Exchange (PSEi) managed to hold the closely watched 7,000 level after extending losses on Monday amid a surge in new COVID-19 infections.
Stocks fell during a low-volume session, with the PSEi shedding 1.14 percent, or 81.36 points, to 7,041.27 while the broader all-shares index sank 1.05 percent, or 40.22 points, to 3,777.90.
The Department of Health (DOH) raised the country’s classification to “high-risk” for COVID-19 after infections recently jumped 200 percent.
On Sunday, the Philippines recorded 4,600 new COVID-19 cases—the highest since Oct. 24 last year.
“Nationally, we are now at high-risk case classification from low-risk … in the previous week,” DOH Undersecretary Ma. Rosario Vergeire said on Monday.
She said the National Capital Region was also classified as high-risk.
In a note to investors, BDO Unibank Inc. chief strategist Jonathan Ravelas said the PSEi was still trading within a range of 7,000 to 7,300.
He added a breach of the 6,950 level could see the PSEi targeting 6,800 down to 6,500.
Investors on Monday opted to shed their holdings over fears of a return to strict lockdowns.
Save for mining and oil, which added 1.19 percent, all PSE subsectors closed lower, led by property, down 2.9 percent; financials, down 1.58 percent; and services, down 1.42 percent.
Trading volume was relatively weak with 722.2 million shares valued at P4.26 billion changing hands while foreigners were net sellers to the tune of P233.82 million.
Losers edge out gainers
A total of 141 stocks fell while 66 gained and 40 ended unchanged, data from the PSE showed.
Metropolitan Bank & Trust Co., which dropped 3.05 percent to P54 per share, was the most actively traded stock on Monday.
It was followed by Converge ICT Solutions Inc., down 2.35 percent to P31.15; SM Investments Corp., down 1.17 percent to P932; Solar Philippines Nueva Ecija Corp., up 1.56 percent to P1.30; and GT Capital Holdings Inc., down 2.22 percent to P528 per share.
Other actively traded names were BDO Unibank Inc., down 0.58 percent to P120; SM Prime Holdings Inc., down 1.18 percent to P33.50; International Container Terminal Services Inc., down 2.5 percent to P195; AC Energy Corp., down 4.55 percent to P10.50; and PLDT Inc., unchanged at P1,812 per share.