Index retreats on lingering COVID jitters

MANILA, Philippines — The stock market slumped yesterday on lingering coronavirus disease 2019 or COVID-19 jitters.

The benchmark Philippine Stock Exchange index (PSEi), the stock market gauge, declined by 86.66 points, or 1.40 percent, to end at 6,105.18, while the broader All Shares index slumped by 34.29 points, or 0.94 percent.

Most indexes were down as well led by the holding firms index.

The property index was also down after the Philippine Amusement & Gaming Corp. (Pagcor) reported that two Philippine Offshore Gaming Operators (POGOs) have left amid tax issues with the government, leaving a cloud of uncertainty hanging over the property sector.

Traders said investors continue to worry about rising COVID-19 cases in the country and in many parts of the globe.

“Coronavirus fears and economic worries following the Bangko Sentral ng Pilipinas’ expectations of a 5.7 to 6.7 percent contraction for the Philippine gross domestic product in the second quarter pulled the local market down by 86.66 points or 1.40 percent at 6,105.18,” Philstocks Financials said.

Total value turnover reached P5.554 billion. Market breadth was negative with 142 losers and 63 gainers, while 44 issues were left unchanged.

This developed as the local market saw another listing on Friday.

Gokongwei-owned Altus Property Ventures Inc. (APVI) listed on the market by way of introduction with 100 million common shares listed  on the SME Board of the Philippine Stock Exchange, representing 100 percent of the real estate company’s issued and outstanding common shares.

“We are delighted to have this new avenue for growth. APVI’s listing allows us to pursue business opportunities, unlocking possibilities for future ventures,” said APVI President Frederick Go.

APVI (formerly, Altus San Nicolas Corporation) is a Philippine real estate company, which was a wholly-owned subsidiary of Robinsons Land Corp.