Philippine stocks extended losses on Friday as investors headed to the exit amid a coronavirus surge that is showing no signs of slowing down.
The benchmark Philippine Stock Exchange Index (PSEi) dropped 1.05 percent, or 74.41 points, to 7,011.11 while the broader all-shares index shed 0.85 percent, or 31.97 points, to 3,745.61.
The local market reacted to Thursday’s nearly 60-percent jump in COVID-19 infections to more than 17,200 cases. The Department of Health later reported on Friday 21,819 more positive cases.
The local market also moved in line with the drop in US stocks, which were weighed down by concerns on the planned faster implementation of interest rate hikes.
“Philippine shares fell once again to end a day of choppy trading, following the massive tech sell-off in the previous session and the increase in the number of COVID cases,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Friday.
All PSE subsectors closed lower, with property and mining and oil dropping 1.76 percent and 1.7 percent, respectively.
Holding firms and industrial stocks each lost 0.94 percent and 1.07 percent, while services and financials sank 0.72 percent and 0.41 percent.
Trading volume on Friday moved higher with 647.43 million shares, valued at P5.85 billion, changing hands. Foreigners continued to cut their holdings with net sales of P284.75 million.
A total of 136 companies ended lower while 51 companies advanced and 46 closed unchanged, data from the PSE showed.
AC Energy Corp., down 3.32 percent to P9.33 per share, was the most actively traded on Friday.
It was followed by Ayala Land Inc., down 3.01 percent to P33.85; Security Bank Corp., down 4.5 percent to P104.10; PLDT Inc., down 1.39 percent to P1,850; and Monde Nissin Corp., down 1.36 percent to P16 per share.
Rounding out the list of active stocks were SM Prime Holdings Inc., down 1.19 percent to P33.10; and Ayala Corp., down 2.3 percent to P828.50.