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PSEi drops as virus weighs on investor sentiment

BusinessWorld April 21, 2021 | 9:00 pm BW FILE PHOTO STOCKS declined on Wednesday as the coronavirus disease 2019 (COVID-19) situation here and abroad continued to affect market sentiment. The Philippine Stock Exchange index (PSEi) went down by 61.03 points or 0.93% to close at 6,439.39 on Wednesday, while the all shares index declined by 24.49 points or 0.61% to end at 3,964.34. “The PSEi swung back and ended lower again today due to losses in a couple of large-cap blue chips, mainly $SMPH (SM Prime Holdings, Inc.) and $SM (SM Investments Corp.),” AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun said via e-mail. “The increased selling pressure on blue chips may be a sign of frustration from investors due to the lack of concrete positive developments on the health crisis,” Mr. Mangun added. “Trading volumes still remain low. There may be some optimism because of the drop in new COVID-19 cases reported the day before, but overall,

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