Photo credit: https://www.pse.com.ph
The PSEi dropped 60.85 points or 0.93 percent to close at 6,457.79 with only the Services counter managing to eke out a gain.
Volume improved slightly to 1.93 billion shares worth P6.1 billion as losers beat gainers 134 to 64 with 50 steady.
“The local bourse’s downtrend persisted, settling below the key 6,500 level. This, as the government announced the possibility of stricter lockdown measures should the cases continue to rise, and as the COVID-19 death toll breached 15,000 yesterday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse extended its decline as our COVID-19 situation continued to weigh on investor confidence. This comes as our daily additional Coronavirus cases remain elevated, in turn, clouding our economic outlook.”
Local share prices weakened as new COVID cases remain high while the death rate is rising.
The main index shed 26.53 points or 0.41 percent to close at 6,518.64 with only the Financials counter inching up.
A total of 2.43 billion shares worth P5.97 billion changed hands as losers beat gainers 120 to 86 with 48 unchanged.
“Philippine shares closed lower in line with a healthy pullback from the 3-day uptrend to the 6,600 level. On top of this, active COVID-19 cases in the country continue to climb,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
“The MECQ, though less restrictive than the previous one, is still seen to weigh heavily on our economy due to the stringent limits it places on the productive capacity of the areas where it is imposed.“
Photo credit: https://www.pse.com.ph
The PSEi lost 106.54 points or 1.60 percent to close at 6,545.17 as sectoral indices fell across the board.
Volume was also weaker at 3.52 billion shares worth P5.02 billion as losers beat gainers 110 to 89 with 54 unchanged.
“Philippine shares saw some profit taking today, with the local bourse shedding more than 100 points,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Most of the selling was done during the latter half of the trading session. It seems the 6,600.00 resistance is still as strong as ever.”
“The index wasn’t able to breach this level after an initially strong rally, bucking the trend across Asian markets, as investors in the PHilippines continued to weigh the prospect of global economic recovery against the Philippines’ protracted lockdowns,” Limlingan added.
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PSE file photo The main index jumped 94.96 points or 1.46 percent to close at 6,590.11 as share prices rose across the board, led by the Holding Firms and Industrial counters. Volume remained tepid though at 2.41 billion shares worth P5.85 billion as gainers swamped losers 159 to 61 with 39 unchanged.
“The local bourse was boosted by the easing of the inflation rate in March coupled with positive sentiment from the US Market overnight,” said Philstocks Financial Research Associate Claire Alviar.
She noted “The easing of the inflation rate in March came in better than expected which gave the market a welcome surprise. the market. However, this figure remains higher than the government’s target.”