Share prices plunge on renewed virus concerns

MANILA, Philippines — The Philippine stock market took a beating yesterday, its likely trend before it recovers again possibly later this week, according to traders.

The benchmark Philippine Stock Exchange Composite index (PSEi) plunged by 124.45 points, or 1.80 percent, to close at 6,756.92.

Likewise, the broader All Shares index retreated by 79.14 points, or 1.90 percent, to settle at 4,079.40.

The rest of the sectors were down as well, marking another red-letter day for the market. Among the heaviest decliners were the financials, mining and oil, and property sectors.

Total value turnover reached P9.85 billion. Market breadth was negative with 201 losers to 38 gainers, while 29 issues were left unchanged.

Traders said market investors have become jittery again on the back of a renewed surge in COVID-19 cases similar to the July 2020 level.

On Sunday, the Department of Health reported 3,276 new cases of COVID-19, bringing the country’s total to 594,412, marking the third straight day of more than 3,000 cases.

The government has announced its strategy of restricting mobility in certain cities that are experiencing a surge rather than the entire metro to soften the blow on the economy.

Failure to maintain a grip on the situation will certainly spell disaster for the stock market.