New curbs sting stocks, but telcos turn red-hot
The benchmark Philippine Stock Exchange Index (PSEi) fell on Monday after the government ordered stricter quarantine rules in Metro Manila and nearby provinces.
By the closing bell, the PSEi lost 0.64 percent, or 40.93 points, to 6,395.17 while the broader all-shares index sank 0.56 percent, or 21.70 points, to 3,887.71.
“The general sentiment remains fearful, evident in the rush of selling at the beginning of the trading session,” Chris Mangun, research head at stock brokerage firm AAA Equities, said in a research note on Monday.
The PSEi lost over 1.7 percent before recovering later in the day.
Mangun said buying support was likely due to “government’s commitment to the targeted lockdowns rather than shutting the economy down as a whole.”
PLDT, Globe
All subsectors fell on Monday save for services, which was propped up by telco giants PLDT Inc. and Globe Telecom as investors anticipated stronger demand for internet due to movement restrictions.
Meanwhile, data from the PSE showed a total of 2.47 billion shares valued at P6.3 billion changing hands on Monday. There were 172 losers to 53 gainers while 33 companies closed unchanged.
Ayala Land Inc. was the most actively traded on Monday as it lost 2.03 percent to P33.80 per share.
It was followed by Dito CME Holdings Corp., down 2 percent to P9.80; PLDT Inc., up 2.09 percent to P1,220; SM Investments Corp., up 0.26 percent to P961; and SM Prime Holdings, down 0.88 percent to P33.95 per share.
