Connect with us

Hi, what are you looking for?


Stocks drop as virus continues to cloud outlook

PHILIPPINE shares declined on Monday as investors remained cautious over the country’s economic outlook as the coronavirus pandemic continues to affect recovery prospects.

The Philippine Stock Exchange index (PSEi) declined by 1.59 points or 0.02% to close at 6,369.28 on Monday, while the all shares index inched down by 0.03 point to end at 3.923.

“The inability to sustain gains reflects investors’ low confidence towards the market, as they remain worrisome over our pandemic situation and economic outlook,” Meanwhile, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Trading became even more anemic… [this] shows that many investors are staying away from the local market due to the lingering uncertainties,” Mr. Tantiangco added.

Value turnover dropped to P4.39 billion on Monday with P3.03 billion shares switching hands, from the P8.62 billion with 6.77 billion issues seen on Friday.

“The uncertainty on the pace of the economy’s recovery is keeping the sentiment subdued,” AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun said in an e-mail.

“The country’s manufacturing output contracted for the month of April, ending a [three]-month streak of growth, according to the monthly survey conducted by IHS Markit,” he noted. “It had almost no effect on the market as it was expected and already factored in, due to the tightening of quarantine restrictions last month.”

Factory activity in the country declined again last month, snapping a three-month climb, as the extended lockdown in Metro Manila and nearby provinces affected production and demand, a survey by IHS Markit showed.

The Philippine Manufacturing Purchasing Managers’ Index (PMI) went down to 49 in April from 52.2 in March “to signal a marginal contraction in operating conditions across the Filipino manufacturing sector.”

Last month’s PMI went below the 50-neutral mark that separates deterioration from expansion, marking the first slump after three consecutive months of growth or since December’s 49.2.

Sectoral indices were split on Monday. Industrials fell by 46.51 points or 0.53% to end at 8,632.84; services went down by 1.83 points or 0.12% to 1,441.28; and property lost 3.29 points or 0.1% to finish at 3,074.65.

Meanwhile, mining and oil gained 31.30 points or 0.32% to close at 9,675.59; holding firms improved by 21.11 points or 0.32% to end at 6,462.42; and financials went up by 3.53 points or 0.25% to 1,397.76.

Decliners outnumbered advancers, 111 against 83, while 56 names closed unchanged.

Net foreign selling increased to P429.45 billion on Monday from the P307.2 million in net outflows seen the previous trading day.

“Investors will remain in limbo until we see clearer signs of a resumption in the economy’s recovery,” AAA Southeast Equities’ Mr. Mangun said. — K.C.G. Valmonte

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 Diego Gabriel C. Robles THE COUNTRY’S Socioeconomic Planning chief on Monday belittled the peso’s free fall against the dollar, saying there is nothing...


By Kyle Aristophere T. Atienza, Reporter SAN MIGUEL CORP. would proceed with building an international airport north of the Philippine capital even after a...


FELIPE M. MEDALLA / COURTESY OF BANGKO SENTRAL NG PILIPINAS PHILIPPINE CENTRAL BANK Governor Felipe M. Medalla would continue the “game-changing” reforms of the...


RAZON-LED Prime Infrastructure Capital, Inc. through its unit WawaJVCo, Inc. announced that it completed the Tayabasan weir, which is the first phase of its...


FRUITAS Holdings, Inc. plans to use part of its one-time gain from selling existing shares in subsidiary Balai ni Fruitas, Inc. to fund its...


LISTED construction company Megawide Construction Corp. announced on Monday that it secured its eighth contract with housing developer PHirst Park Homes, Inc. (PPHI). Under...

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...


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


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

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.