Connect with us

Hi, what are you looking for?


Shares drop on concerns over new virus strain

By Revin Mikhael D. Ochave, Reporter

SHARES ended in red territory on Tuesday as investor sentiment reeled from the recent discovery of a new coronavirus disease 2019 (COVID-19) strain in Britain.

The 30-member Philippine Stock Exchange index (PSEi) declined 22.5 points or 0.31% to end at 7,202.39, while the broader all shares index fell 36.2 points or 0.83% to close at 4,290.14.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message that the local bourse dropped as investors were worried over news of a new COVID-19 strain in Britain.

The World Health Organization (WHO) advised that the new and highly infectious variant of the new coronavirus is a “normal part” of the pandemic’s evolution, Reuters reported.

Based on data from Britain, WHO officials have found no evidence proving that the new strain makes people sicker or is deadlier than existing COVID-19 variants.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the local market dropped due to massive selling earlier in the trading day due to worries over news on the new COVID-19 strain.

“Buyers were quick to pick up shares of blue chips that were sold down, while second liners and speculative issues also took a beating after the substantial rally that it has seen in the prior trading days,” Mr. Mangun said in an e-mail.

“Market participants may also be much more comfortable staying on the side lines over the upcoming holidays, thus the profit taking activity,” Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message.

Majority of sectoral indices at the PSE ended lower on Tuesday, with property being the only gainer, rising 22.88 points or 0.62% to end at 3,708.06.

Mining and oil retreated 231.33 points or 2.44% to 9,236.82; services dropped 25.78 points or 1.67% to 1,515.68; industrials went down 143.03 points or 1.51% to 9,299.63; financials shrank 17.43 points or 1.17% to 1,461.58; and holding firms decreased 7.6 points or 0.1% to 7,452.44.

Decliners overwhelmed advancers, 203 against 39, while 33 names ended unchanged.

Value turnover on Tuesday amounted to P10.09 billion with 22.72 billion shares switching hands, higher than the P8.49 billion with 33.48 billion issues during the previous session. Net foreign selling expanded to P743.02 million from the P104.76 million on Monday.

“The PSEi maintains its support at 7,200. However, it is getting more fragile by the day. We may see it continue lower before it recovers,” AAA Southeast Equities’ Mr. Mangun said.

“In the remaining days of the year, we’ll have to see if the 7,000 level holds. Otherwise, 7,300 may be considered the nearest resistance area,” Timson Securities’ Mr. Pangan said. — with Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Jenina P. Ibañez, Senior Reporter PHILIPPINE MANUFACTURING activity rose to an eight-month high in November, as new orders increased for the first time...


THE NATIONAL Government’s outstanding debt swelled to P11.97 trillion as of the end of October as it offered more domestic securities, preliminary data from...


MOTORISTS experience heavy traffic along Commonwealth in Quezon City on Wednesday. — PHILIPPINE STAR/ MICHAEL VARCAS BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E....


THE SENATE on Wednesday approved on third and final reading the proposed P5.024-trillion national budget for 2022. Senators unanimously passed the 2022 General Appropriations...


EVERYTHING’s coming full circle from the boy from Cebu who wanted to write but ended up cooking. Myke “Tatung” Sarthou, celebrity chef, started out...


1 of 6 THE VIRTUS awards by the Hotel Sales and Marketing Association (HSMA) Philippines continues to honor professionals and institutions in hospitality: a...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.