The stock market succumbed yesterday to lingering anxieties and uncertainties related to the coronavirus disease 2019 or COVID-19 which continue to dampen hopes of a quick economic recovery for the country.
The benchmark Philippine Stock Exchange index tumbled by 49.65 points, or 0.78 percent, to close at 6,297.78, while the broader All Shares gauge also slipped by 21.18 points or 0.57 percent.
The sectoral gauges were a mixed bag with the mining and oil and financials indexes finishing in positive territory.
Total value turnover meanwhile stood at P7.313 billion. Market breadth was positive, with 103 gainers and 98 losers, while 45 issues were left unchanged.
Traders said investors remain spooked by the virus given the acceleration of infections in Cebu, Manila and in many parts of the world such as parts of China, which previously reported having contained the virus.
“The PSEi closed lower as investors weighed optimism over a quick recovery for the domestic economy, or V-shaped rebound, against evidence of an acceleration of COVID-19 infections in half of all US states and elsewhere in the world,” Luis Limlingan of Regina Capital said.
Meanwhile, crude oil prices and a gauge of global equity markets edged higher yesterday as lockdown eased, with the Nasdaq setting a record closing high, but sentiment remained tenacious as coronavirus infections continued to rise.
The dollar fell and higher risk currencies, including the Australian dollar, jumped as investors weighed improving economic data against the prospect of new business shutdowns if a second wave of the pandemic gains force. BY: Iris Gonzales (The Philippine Star )
Source: Peso Economics
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