MANILA – Concerns on the rising coronavirus disease 2019 (Covid-19) cases due to the Delta variant and their impact on economic recovery resulted in the sideways close of the local stock barometer and the depreciation of the peso.
The Philippine Stock Exchange index (PSEi) contracted by 0.02 percent, or 1.62 points, to 6,820.53 points.
All Shares rose by 0.15 percent, or 6.49 points, to 4,205.00 points.
Most of the sectoral gauges also ended the day in the negative territory and these are Holding Firms, 0.81 percent; Industrial, 0.67 percent; Financials, 0.65 percent; and Property, 0.13 percent.
On the other hand, Services rose by 3.11 percent and Mining and Oil, 0.81 percent.
Volume totaled 2.5 billion shares amounting to PHP9.1 billion.
Decliners surpassed advancers at 102 to 94, while 53 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, said concerns on local developments on Covid-19 benefited technology stocks.
“However, the interest in the sector could taper soon since investors are starting to turn more defensive,” he said.
The risk-off sentiment in the local stock market was mirrored by the peso after it weakened against the US dollar and finished the day at 49.98 from 49.85 close a day ago.
It opened the day at 49.8 and traded between 49.74 and 50.08.
This resulted in an average of 49.903.
Volume reached USD1.17 billion, higher than the previous session’s USD1.06 billion. (PNA)
