Index tumbles on COVID woes

MANILA, Philippines — The stock market opened the week on a sour note yesterday following reports of a record single-day increase in COVID-19 cases in the country.

The benchmark Philippine Stock Exchange index (PSEi), the stock market gauge, tumbled by 44.25 points, or 0.69 percent, to finish at 6,328.41.

Likewise, the broader All Shares index slipped by 15.76 points or 0.42 percent to settle at 3,702.17.

Most sectoral indexes were down.

Total value turnover reached P6.153 billion. Advancing stocks and decliners both numbered 103 while 43 issues were left unchanged.

Foreign selling prevailed yesterday with P3.09 billion and P2.34 billion in foreign buying.

Traders said the market turned jittery over the COVID-19 situation in the country as the number of cases continues to climb, indicating no flattening of the curve or no slowing down in the near term.

“The local market tumbled as the country recorded 2,434 new COVID-19 cases on Sunday, also marking the first time the number of cases breached the 2,000 mark,” AB Capital Securities said.

The 2,434 new cases recorded on Sunday has brought the total number of cases in the Philippines to 44,254 with recoveries at 11,942 and deaths at 1,297, according to the Department of Health’s COVID-19 bulletin on Sunday.

Philstocks Financials said the projected 4.5 percent contraction of the economy also weighed on the market.