Connect with us

Hi, what are you looking for?

Economy

Shares drop on concerns over new restrictions

PHILIPPINE SHARES declined on Wednesday on concerns over the implementation of new coronavirus disease 2019 (COVID-19) restrictions in Metro Manila.

The Philippine Stock Exchange index (PSEi) declined by 40.16 points or 0.58% to close at 6,880.20 on Wednesday, while the broader all shares index went down by 17.37 points or 0.40% to finish at 4,277.63.

“The local bourse extended its decline this Wednesday… as investors chose to remain cautious. The concern now is the uncertainties on the sustainability of the NCR’s (National Capital Region) upcoming social restriction setup and its further easing in the future as our COVID-19 cases remain elevated,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

Metro Manila will begin implementing targeted lockdowns via the new Alert Level System on Thursday, Sept. 16. The capital will be under Alert Level 4 amid a high infection reproduction number and as hospitals remain full.

“Trading remained strong with net value turnover posting… above the year-to-date average of P7.11 billion. This was lower compared to the preceding day,” he added.

Value turnover dropped to P7.55 billion with 1.51 billion shares switching hands on Wednesday, down from the P31.17 billion with 4.71 billion issues traded on Tuesday.

“Asian markets including the Philippines fell after Wall Street slipped on growth concerns. US stocks closed as the softer-than-expected inflation reading failed to assuage economic uncertainties and the increasing likelihood of a corporate tax hike,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a separate Viber message.

Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation, Reuters reported.

The Dow Jones Industrial Average fell 292.06 points or 0.84% to 34,577.57; the S&P 500 lost 25.68 points or 0.57% at 4,443.05; and the Nasdaq Composite dropped 67.82 points or 0.45% to 15,037.76.

US inflation dropped from a 13-year high on Tuesday but was still above the Federal Reserve’s two-percent target. Consumer prices rose by 5.3% in August compared with the 5.4% in June and July. 

Back home, majority of sectoral indices declined on Wednesday except for holding firms, which gained 54.12 points or 0.78% to end at 6,973.58.

Meanwhile, property lost 66.89 points or 2.17% to 3,009.65; services shaved off 25.83 points or 1.39% to close at 1,827.30; industrials went down by 89.66 points or 0.88% to 10,096.79; financials shed 11.05 points or 0.77% to 1,423.70; and mining and oil declined by 17.54 points or 0.18% to 9,603.49. 

Decliners outnumbered advancers, 128 versus 64, as 51 names closed unchanged.

Foreigners logged P73.03 million in net outflows on Wednesday from the P3.60 billion in net purchases seen the previous day. — K.C.G. Valmonte 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!

Latest

Economy

AllDay Supermarket has tapped PayMaya to power its self-checkout counters with cutting-edge technology to elevate customers’ grocery shopping experience. A first for the Philippine retail industry, AllDay Supermarket...

Economy

INFLATION in the first eight months stood at 4.4%, quicker than the central bank’s 4.1% average inflation forecast for 2021. — PHILIPPINE STAR/ MICHAEL...

Economy

By Kyle Aristophere T. Atienza, Reporter PHILIPPINE President Rodrigo R. Duterte’s political allies — at least those who are running for the country’s top...

Economy

The Balagtas Station of the Philippine National Railway Clark Phase 1 Project is currently under construction. Photo taken on June 14. — PHILIPPINE STAR/...

Economy

A SENIOR economist at the Asian Development Bank (ADB) said a local bourse’s program for micro, small, and medium enterprises (MSME) is key to...

Economy

GNPower Dinginin’s commercial run moved to Q3 2022 By Angelica Y. Yang, Reporter THE management of GNPower Dinginin Ltd. Co. (GNPD) said the timeline...

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

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...

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

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...

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!