Concerns on new Covid-19 variant weaken PH stocks, peso

Concerns on new Covid-19 variant weaken PH stocks, peso

MANILA – The Philippine Stock Exchange index (PSEi) ended Wednesday in the negative territory on concerns regarding the coronavirus disease 2019 (Covid-19) Delta variant and the local currency followed.

After several days of rally, the stock barometer slipped by 0.79 percent, or 54.74 points, to 6,901.91 points.

All Shares trailed with a drop of 0.42 percent, or 17.79 points, to 4,244.58 points.

Two of the sectoral gauges gained during the day and these are the Mining and Oil, 0.92 percent, and Services, 0.50 percent.

Industrial index ended the day sideways after moving up by 0.03 percent.

On the other hand, Property index posted the highest drop with 1.75 percent, and was trailed by the Holding Firms, 0.93 percent, and Financials, 0.85 percent.

Volume totaled 1.85 billion shares amounting to PHP6.38 billion.

“Funds closed cleaned portfolios to close the semester as positive sentiment failed to spillover from the US’s strong macroeconomic data,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Limlingan said many investors are on the wait-and-see stance regarding the developments on the Covid-19 Delta variant, which are now causing upticks in cases in several countries.

Meanwhile, the peso ended the day at 48.8 against the US dollar, weaker than its 48.5 finish in the previous session.

It opened the day at 48.6, sideways compared to its 48.64 start in the previous session.

It traded between 48.6 and 48.83, resulting in an average of 48.704.

Volume totaled to USD1.11 billion, way higher than the previous day’s USD763.08 million. (PNA)

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