PHILIPPINE STOCK MARKET DROP DUE TO ANOTHER LOCKDOWN | MARVIN GERMO

PHILIPPINE STOCK MARKET
PHILIPPINE STOCK MARKET DROP DUE TO ANOTHER LOCKDOWN | PHILIPPINE shares slipped on Wednesday on fears of a tighter lockdown as coronavirus disease 2019 (COVID-19) infections rise anew and due to the spread of the Delta variant.

The Philippine Stock Exchange index (PSEi) declined by 49.55 points or 0.76% to close at 6,473.03 on Wednesday, while the all shares index shed 29.66 points or 0.73% to 4,010.09.

“Market [is] pricing in Delta variant spread and stricter lockdown worries but the fact that big losses in early morning trade tempered on close showed bargain hunting at work,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

“In addition, IMF’s (International Monetary Fund) lower GDP (gross domestic product) growth forecast for the ASEAN-5 and the Oxford Economics’ expectation that the Philippines would suffer the worst economic scarring in the Asia-Pacific, weighed on the sentiment,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a separate Viber message.

“Many traders were also on the sidelines, waiting for the next quarantine measures,” she said.

“It is mainly the lack of demand for shares that is keeping prices depressed,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

“Although we are not seeing a spike in cases just yet, these fears may persist for months as the disease has proven to be very unpredictable. The only upside is the pace of vaccination,” Mr. Mangun added.

COVID-19 infections rose by 7,186 to bring active cases to 56,477 on Tuesday, based on data from the Department of Health. This was the highest daily tally in over a month or since June 13 when daily cases increased by 7,302.

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