Connect with us

Hi, what are you looking for?

Economy

PHL stocks drop further on concerns over COVID-19 variants

PHILIPPINE SHARES continued to decline on Friday as concerns on new coronavirus disease 2019 (COVID-19) variants clouded sentiment.  

The Philippine Stock Exchange index (PSEi) shed 90.07 points or 1.3% to close at 6,834.92 on Friday, while the all shares index went down by 40.12 points or 0.93% to 4,234.54.   

“The market closed lower as investors remain cautious over the new coronavirus strains…,” Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a Viber message.  

“Philippine shares continued to fall as fresh COVID-19 cases are being logged in some countries. Indeed, the sentiment spill over to the equity market this morning, extending some of the [Asia-Pacific] bourses’ downtrend,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a separate Viber message.  

The Department of Health (DoH) on Monday said 256 more people had been infected with more contagious variants of the coronavirus, though most of them have either died or recovered. 

Two more Filipinos have been infected with the Delta variant of the coronavirus that has triggered a fresh surge in cases in India, bringing the total to 19, the DoH said. 

The agency said 132 more people have been infected with the Alpha variant of the coronavirus, which was first detected in the United Kingdom, bringing the total to 1,217. Of these, 125 were local cases, one was a returning migrant Filipino, and six were still being verified. 

Fifteen of the patients have died and 117 have recovered, it added.  

The agency also reported 119 new cases of the Beta coronavirus variant that was first detected in South Africa, bringing the total to 1,386. Three patients were being treated, 104 have recovered and 12 died, it said. 

Three more people have been infected with the Theta coronavirus variant that was first detected in the Philippines, the DoH said. 

All sectoral indices closed in the red on Friday. Holding firms dropped by 107.04 points or 1.54% to 6,840.68; mining and oil shaved off 140.33 points or 1.42% to 9,696.16; services went down by 20.34 points or 1.25% to 1,595.13; property lost 41 points or 1.22% to end at 3,294.23; financials declined by 17.57 points or 1.17% to 1,477.78; and industrials shed 42.59 points or 0.44% to 9,592.99.   

Value turnover surged to P8.42 billion with 1.77 billion shares switching hands on Friday from the P5.04 billion with 1.36 billion issues on Thursday.  

Decliners outnumbered advancers, 153 versus 59, while 43 names closed unchanged. 

Net foreign selling increased to P1.13 billion on Friday from P838.94 million on Thursday.  

“The market’s support may be pegged at 6,800, while 7,080 remains the nearest resistance area,” Timson Securities’ Mr. Pangan 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!

Latest

Investing

People living in rural areas are having to travel further to find somewhere to withdraw and deposit cash free of charge, says the City...

Investing

Ministers have ruled out extending the list of workers who are exempt from self-isolation rules and warned that the August 16 date for lifting...

Economy

The House of Representatives will adopt the Senate’s version of the proposed measure taxing Philippine Offshore Gaming Operators (POGO), a key lawmaker said on...

Economy

President Rodrigo R. Duterte on Friday approved the recommendation of his pandemic task force to enforce stricter quarantine rules in Manila, the capital, and...

Economy

Thirty-seven percent of Filipinos are optimistic that their lives will improve over the next 12 months, a non-commissioned survey shows.  Of the 1,200 respondents in Social Weather Stations’...

Economy

Six electricity consumers on Friday filed a complaint with the Ombudsman against Department of Energy (DoE) Secretary Alfonso G. Cusi, alleging that the government official has neglected his duties.  “In his five...

You May Also Like

Investing

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

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Investing

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

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, 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.

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!