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Virus curbs: A file picture showing a woman receiving a vaccine against Covid-19 in Manila.
A spike in virus cases since mid-March spurred the Philippine
government to reimpose lockdowns. — AFP
MANILA: A rout that’s made the Philippine benchmark equity gauge the worst performer in the Asia-Pacific region risks worsening in the wake of fresh virus curbs.
The Philippine Stock Exchange Index has tumbled 7.7% so far in 2021. While a two-day bounce has lifted the gauge above a critical 200-day support line, surging Covid-19 infections and fears of a lengthy lockdown in Manila have prompted investors such as Gerard Abad to hoard cash as they brace for further turbulence.
RizalSan-carlosNegros-occidentalPhilippinesManilaPhilippineBenguetThailandIndiaKarl-chuaGerard-abadRobert-ramosPublished April 8, 2021, 6:00 AM
A rout that’s made the Philippine benchmark equity gauge the worst performer in the Asia Pacific region risks worsening in the wake of fresh virus curbs.
The Philippine Stock Exchange Index has tumbled 7.7% so far in 2021. While a two-day bounce has lifted the gauge above a critical 200-day support line, surging COVID-19 infections and fears of a lengthy lockdown in Manila have prompted investors such as Gerard Abad to hoard cash as they brace for further turbulence.
“There is more downside risk at this point in time,” said Abad, chief investment officer at AB Capital & Investment Corp. His cash holdings have doubled since the start of the year as he expects the stock gauge to retreat to as low as 6,000 if the virus curbs fail. The measure ended Tuesday’s session at 6,590.11.
RizalSan-carlosNegros-occidentalPhilippinesManilaPhilippineBenguetThailandIndiaKarl-chuaGerard-abadRobert-ramos