Index continues to retreat on COVID-19 concerns

MANILA, Philippines — The stock market continued to decline yesterday on lingering worries over the unabated increase in COVID-19 cases in the country.

The benchmark Philippine Stock Exchange index (PSEi) finished at 6,267.40, down 61.01 points or 0.96 percent, while the broader All Shares gauge slipped 24.34 points or 0.65 percent to end at 3,677.83.

The sectoral indices were a mixed bag with the financials and mining and oil ending in positive territory. The property and services sectors, on the other hand, led the losers.

Total value turnover reached P7.594 billion. Market breadth was positive with 99 gainers and 96 losers, while 47 issues were left unchanged.

Foreign investors continued to dump Philippine shares yesterday with foreign selling at P5.09 billion, while foreign buying registered at P2.58 billion for a net foreign buying of P2.51 billion.

Philstocks Financials said market investors remain risk averse given the continued rise in COVID-19 cases in the country, the second highest number next to Indonesia which has 64,958 cases.

“COVID-19 worries continued to prevail over the market yesterday following the 2,099 new cases recorded on Monday,” Philstocks Financials said.

On Monday, the Department of Health (DOH) reported an additional 2,099 COVID-19 cases, which include 1,258 “fresh” cases and 841 “late” cases.

It also reported six additional fatalities.

The total COVID-19 count for the Philippines is now at 46,333 cases and 1303 deaths as of July 6, according to the DOH.

Active cases are now at 32,845, or about 70 percent of the total.

Furthermore, the DOH said 11 hospitals have reached full capacity of their COVID-19-dedicated beds.