DITO CME falls on poor investor sentiment despite third telco launch
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Metro Manila (CNN Philippines, March 8) Poor market sentiment due to spiking COVID-19 cases spilled over to DITO CME Holdings Corp., with its share price dropping by 8.79% despite the third telco player s commercial launch on Monday, analysts said.
Analysts told CNN Philippines DITO CME s trading was affected by a downward bias for the market, caused by the rising number of new COVID-19 infections. The Department of Health on Monday recorded another 3,356 people who contracted the coronavirus the fourth day in a row that the number of new patients surpassed 3,000.
Stocks fall as COVID-19 cases rise mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
The local bourse managed to close flat after early weakness due to the announcement of the February inflation rate.
Photo credit: https://www.pse.com.ph
The PSEi shed 1.12 points or 0.02 percent to close at 6,881.37 with gains in the Services counter offsetting losses in other sectors.
Vol
The local stock market lost steam Thursday, (March 4) after investors took profit a four-day rally.
The main index dropped 60.27 points or 0.87 percent to close at 6,882.49 with only the Industrial sector managing to eke out a gain.
Volume fell to 2.7 billion shares worth P7.11 billion as lose
The local stock market posted more gains despite losses in overseas markets after early profit-taking eventually petered out.
The PSEi improved by 23.22 points or 0.34 percent to close at 6,942.76 although only the Financials and Holding Firms counters advanced.Volume surged to 221.53 billion sha