Vaccine delay keeps index below 7,000

MANILA, Philippines — Local share prices retreated anew yesterday as investors worry over the delays in the arrival of COVID-19 vaccines in the country.

Optimism that rollouts of coronavirus vaccines will set the stage for stronger economic growth in the second half of this year have earlier pushed stocks higher.

But in a public briefing, state officials involved in the procurement of vaccines said the arrival of the country’s first batch of COVID-19 vaccines would be delayed.

The initial batch was supposed to arrive by mid-February.

The government’s COVID-19 task force officials attributed the slight delay in the arrival of vaccines to documentary requirements.

The benchmark Philippine Stock Exchange index or PSEi closed at 6,849.64, down 116.79 points or 1.67 percent.

Likewise, the broader All Shares index slipped 43.05 points or 1.02 percent to end at 4,170.48.

A total of P8.8 billion worth of shares changed hands, with decliners outnumbering advancers, 113 to 109, while 39 issues were unchanged.

Foreign funds were heavy sellers, with net selling position breaching the P1-billion level.

“The PSEi extended losses on vaccine rollout delay. Local market stayed in the red as lawmakers still need to pass into law an indemnification program before the country can gain access to vaccines,” AB Capital Securities said in a market commentary.

In another development, the PSE said 105 of the 271 listed firms paid a total of P342.88 billion in cash dividends to stockholders last year, giving investors in these companies a yield of 2.5 percent.