MANILA, Philippines — The threat of a rapid spread of the more infectious Delta variant of the coronavirus in the country drove stock investors on a selling spree yesterday.
The 30-company Philippine Stock Exchange index (PSEi) tumbled 106.63 points or 1.59 percent to 6,587.20, while the broader All Shares index finished at 4,084.55, down 53.39 points or 1.29 percent.
The subsectors were likewise a sea of red, with the property index recording a massive loss of three percent.
Total value turnover reached P6.538 billion. Market breadth was negative, 159 to 43, while 48 issues were unchanged.
Net foreign selling persisted for the 11th straight session with P362 million.
“With the threat of the Delta variant gripping the Southeast Asian region, Philippine stocks are expected to find themselves grouped in a basket of investments being disfavored by foreign investors for now. As such, expect listless trading to continue for the local market, especially with the absence of any market moving data to be released this week,” COL Financial said in a market report.
Luis Limlingan of Regina Capital said shares were sold down ahead of the holiday and as investors remain vigilant on the Delta variant spreading globally and as more key economic data are set to be released.
There will be no trading today in observance of Muslim holiday of Eid’l Adha.
Health authorities said there are already 16 cases of the Delta variant, prompting calls for renewed lockdown restrictions which could hamper the country’s recovery efforts anew.