COVID surge dampens PH stocks
Philippine shares pulled back on Monday after the present COVID-19 surge pushed cases to another record high.
The benchmark Philippine Stock Exchange Index (PSEi) closed down 0.77 percent, or 54.98 points, to 7,085.69 while the broader all-shares index sank 0.64 percent, or 24.42 points, to 3,775.46.
On Sunday, the Department of Health (DOH) reported that new infections hit 33,169—the highest on record—while the positivity rate reached 46 percent.
After the market closed on Monday, the DOH reported 28,007 new COVID-19 cases and a lower positivity rate of 44.5 percent.
Luis Gerardo Limlingan, managing director at Regina Capital Development, said investors were also jittery ahead of the confirmation hearing of US Federal Reserve chair Jerome Powell, who was expected to provide more information about their planned interest rate hikes.
Concerns over rising COVID-19 cases also pulled all PSE subsectors lower, led by mining and oil and property’s 1.37 percent and 1.29 percent descent.
Industrial stocks slipped 0.89 percent, followed by declines for holding firms, financials and services.
Volume climbed higher from the previous session, with 877.97 million shares valued at P6.91 billion traded on the PSE. Monday’s session also saw greater foreign selling with net sales reaching P733.34 million.
A total of 105 stocks closed lower while 82 companies advanced and 43 closed unchanged.
Solar Philippines Nueva Ecija Corp. was the most actively traded on Monday after extending its winning streak by 3.1 percent to P1.33 per share.
It was followed by Ayala Land Inc., down 0.14 percent to P34.45; SM Investments Corp., down 1.06 percent to P930; Metropolitan Bank & Trust Co., up 1.09 percent to P55.8;0 and Puregold Price Club Inc., down 1.5 percent to P36 per share.
Other active names were Ayala Corp., down 3.14 percent to P833; GT Capital Holdings Inc., up 0.85 percent to P532; Globe Telecom Inc., up 1.85 percent to P3,300; Monde Nissin Corp., down 1.51 percent to P15.68; and AC Energy Corp., down 5.08 percent to P9.15 per share. INQ
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