Investors sell down stocks amid Wall St plunge, virus scare

MANILA, Philippines — The stock market washed away its gains the past week and suffered one of its worst selloff, in months following the drop in Wall Street overnight, traders said.

“Local shares saw one of its worst selloffs in months amid rising COVID-19 cases and jitters over the US election outcome. New lockdowns in Europe, France and Germany shut down bars and restaurants for a month,” said Luis Limlingan of Regina Capital.

The benchmark Philippine Stock Exchange index (PSEi) slipped to 6,249.39, down 128.40 points or 2.01 percent while the broader All Shares gauge dropped 55.21 points or 1.45 percent to finish at 3,753.08.

All the other gauges finished in negative territory, with mining and oil, financials, services and holding firms leading the decliners.

Total value turnover reached P6.656 billion. Losers swamped gainers, 147 to 58, while 52 issues were unchanged.

Traders said the local market took the cue from Wall Street.

“The local market declined as it mirrored the overnight decline on Wall Street following the spike in COVID-19 cases globally. All index issues were in the red except for SM Prime Holdings which rose 0.92 percent and Meralco which rose 1.03 percent,” said AB Capital Securities Inc.

US stocks tumbled, following European shares decline, as rising global infections and tougher lockdowns prompted a selloff.