Stocks slide as investors digest news on lockdown
MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) opened the trading week on a sour note even as it managed to cut losses at the last minute.
The PSEi finished at 5,496.83, down 42.36 points or 0.76 percent, while the broader All Shares gauge slipped 3,313.02, down 36.96 points or 1.10 percent. Most indexes were down as well except for the holding firms which held out and stayed flat, ending in the green by a slight 0.02 percent.
Total value turnover was thin at P5.168 billion. Market breadth was negative with 156 losers and 37 gainers, while 35 issues were left unchanged.
According to ABCapital Securities, local market reacted to news that 14 out of 17 mayors in the National Capital Region prefer to put Metro Manila under general community quarantine by June 1.
Investors are generally on the sidelines, digesting the news as they wait for government protocols on how quarantine will be conducted after May.
But the mayors said safety protocols such as social distancing and wearing of face masks should still be enforced in their respective cities despite downgrading the quarantine.
The Inter-Agency Task Force on Emerging Infectious Diseases has yet to decide on whether to lift the modified enhanced community quarantine or MECQ in Metro Manila.
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