MANILA – The Philippine Stock Exchange index (PSEi) reversed its two-day rally on Thursday due to rising coronavirus disease 2019 (Covid-19) cases domestically, but the peso gained against the US dollar.
The main equities index declined by 1.31 percent, or 89.14 points, to 6,719.18 points.
All Shares also went down by 0.69 percent, or 27.92 points, to 4,050.43 points.
Most of the sectoral indices also ended the day in negative territory, led by Holding Firms, which fell 2.28 percent.
Trailing behind were the Industrial index, 1.25 percent; Services, 0.93 percent; and Financials, 0.56 percent.
On the other hand, Mining and Oil rose by 3.55 percent and Property, by 0.08 percent.
Volume totaled 5.05 billion shares amounting to PHP8.58 billion.
Gainers surpassed losers at 120 to 112, while 39 shares were unchanged.
“Local shares were sold off as the number of Covid-19 cases (has) forced local government units to reimpose curfews to safeguard against further spread,” said Luis Limlingan, Regina Capital Development Corp. head of sales.
The Philippine National Police has also intensified deployment to Malabon, Navotas, and Pasay following the Covid-19 cases upticks.
Another factor in the day’s trading was the flight of funds to the US market following the moderate rise of the US inflation rate, he added.
Meanwhile, the peso improved against the US dollar after it finished the day at 48.50 from 48.60 the previous day.
It opened the day at 48.57 and traded between 48.59 and 48.465, averaging at 48.519.
Volume to trade reached USD792.65 million, lower than the USD1.02 billion on Wednesday. (PNA)
