Investors dump stocks as government extends lockdown

MANILA, Philippines — Stock market investors dumped their portfolios all the more after the government announced that the enhanced community quarantine would be extended further to May 15 to help contain the spread of the coronavirus  disease 2019 or COVID-19 in the country.

The move means businesses would have to continue counting losses as many will remain closed due to the extended lockdown.

The May 15 extension marks the second extension after the lockdown was already extended to April 30.

As a result, the benchmark Philippine Stock Exchange index declined 134.57 points or 2.40 percent to end at 5,464.98 while the broader All Shares index lost 58.08 points or 1.70 percent.

All the other gauges slipped as well except for services, which managed to end 0.17 percent higher.

Total value turnover reached P5.241 billion while market breadth was negative with 105 decliners to 76 advancers while 48 issues were unchanged.

The Inter-Agency Task Force for the Management of Emerging Infectious Diseases said the extension of the enhanced community quarantine would apply to the National Capital Region and in different areas in Luzon, Visayas and Mindanao.

President Duterte approved the extension as the country continues to grapple with the COVID-19 pandemic.

“Further economic losses brought  by the community quarantine extension in Luzon’s major regional contributors sent the local bourse lower. Volume and value turnover registered 829.26 million and P5.24 billion respectively. Services were the only gainers, climbing 0.17 percent,” said Philstocks Financials.