Stocks end lower on concerns over rising COVID-19 cases

MANILA, Philippines — The stock market remained in negative territory yesterday as investors stayed on the sidelines following a spike in COVID-19 cases abroad.

The benchmark Philippine Stock Exchange Composite index (PSEi) finished at 5,894.28, lower by 15.04 points or 0.25 percent from Monday’s close.

Likewise, the broader All Shares index slipped 4.84 points or 0.14 percent to end at 3,543.93.

Most of the sectors were in the red except for services and holding firms which managed to stay afloat.

Total value turnover was thin as well, translating to just P4.629 billion in a market breadth that was negative, with 105 decliners to 86 advancers and 46 issues unchanged.

Traders said the market traded sideways as investors continue to worry over the COVID-19 situation across the globe.

“The PSEi continued sideways again yesterday and ended with a slight loss. It opened much lower and recovered toward the end of the trading session as investors picked up battered blue chips. A spike in new COVID-19 cases abroad may have negatively affected the sentiment,” said Chris Mangun of AAA Southeast Equities.

He said the second-line telco issues reversed and ended lower on statements from former DICT Secretary Eliseo Rio that NOW is not a fourth telco. NOW took a beating and lost 8.38 percent.

“The sentiment deteriorated, causing a massive selloff. Investors also took the opportunity to take profits from DITO,” Mangun added.

Dennis Uy’s DITO, the still inoperational third telco, finished lower by 3.16 percent.