PSEi tumbles as vaccine rollout unclear

MANILA, Philippines — Stocks plunged back to the 6,800 level yesterday on heavy foreign selling as investors wait for clearer indications on the status of the coronavirus vaccine delivery into the country.

The bellwether Philippine Stock Exchange index or PSEi finished at 6,810.34, down 116.07 points or 1.67 percent, while the broader All Shares index slipped to 4,155.23, down 43.77 points or 1.04 percent,

Most of the other gauges fell back into negative territory except for for the mining and oil index.

Total value turnover reached P8.496 billion. Market breadth was negative, 116 to 96, while 44 issues were unchanged.

Traders said market investors continue to wait for clearer signals of the vaccine rollout in the Philippines. Health Secretary Francisco Duque III said yesterday there is a global supply shortage in vaccines, which is causing the delay in the arrival of the vaccines in the country.

“The PSEi plunged back to the 6,800 level. The local market tumbled on the lack of clear vaccine distribution timeline. Top drags were SM, Ayala Corp., JG Summit, Ayala Land Inc. and BDO, accounting for 88 points of total decline,” said AB Capital Securities in a market commentary.

Net foreign selling breached the P1 billion mark at P1.4 billion.

Traders said investors are also waiting for quarantine updates, particularly whether the National Capital Region will start to shift to looser restrictions and further aid the opening of the economy.