Stocks subdued in start of year

MANILA, Philippines — Stocks started the year on a sour note as investors grappled with the prospects of another strict lockdown following a renewed surge in coronavirus cases.

The benchmark Philippine Stock Exchange index (PSEi) yesterday closed at 7,041.27, down 81.36 points or 1.14 percent, while the broader All Shares index slipped 40.22 points or 1.05 percent to 3,777.90.

Total value turnover reached P4.3 billion. Market breadth was negative, 141 to 66, while 40 issues were unchanged.

DA Market Securities attributed the downturn to the continuing increase in COVID-19 infections in the National Capital Region, Calabarzon and Central Luzon.

The government’s virus management task force has placed NCR under Alert Level 3, imposing quarantine restrictions once more and limiting the movements of unvaccinated.

Authorities are keeping an eye on neighboring provinces of the National Capital Region as well as a change in quarantine restrictions.

Meanwhile, the Philippine Stock Exchange (PSE) was named as the Best Stock Exchange in Southeast Asia for 2021 at the Marquee Awards of the 15th Annual Best Deal and Solution Awards 2021 by institutional investment magazine Alpha Southeast Asia.

With record number of equity offerings both in deal size and a wide range of asset classes introduced into the market, the Philippine Stock Exchange has emerged as the Best Stock Exchange in Southeast Asia. High profile landmark issues like MREIT’s $305 million IPO and FMCG-focused Monde Nissin Corp.’s P55.8 billion IPO are, in fact, perfect examples of how best to create shareholder value. With a stronger framework of corporate governance in place led by the PSE and an ongoing push to raise the standards of timely disclosure, PSE is well positioned among issuers and investors, both local and foreign, said Alpha Southeast Asia.