PH stocks index, peso weaken on rising Covid cases

Rising domestic coronavirus disease 2019 (Covid-19) infections continue to have an impact on investors, resulting in the negative close of both the main stocks index and peso on Friday.

The Philippine Stock Exchange index (PSEi) ended the week down by 1.05 percent to 7,011.11 points, or 74.41 points.

All other counters also ended the week in the red, with All Shares down by 0.85 percent to 3,745.61 points, or 31.97 points.

Property led the sectoral indexes after it fell by 1.76 percent.

Next were Mining and Oil, 1.70 percent; Industrial, 1.07 percent; Holding Firms, 0.94 percent; services, 0.72 percent; and Financials, 0.41 percent.

Total volume was thin at 647.43 million, amounting to PHP5.85 billion.

Decliners surpassed advancers at 136 to 51 while 46 shares were unchanged.

“Philippines shares fell once again to end a day of choppy trading, following the massive tech sell-off in the previous session and the increase in the number of Covid cases,” Luis Limlingan, Regina Capital Development Corp. head of sales, said in a statement.

The Department of Health on Friday reported 21,819 daily Covid-19 cases, higher than the previous day’s 17,220.

Aside from the National Capital Region Plus (Laguna, Bulacan, Cavite, and Rizal), 14 other areas in the provinces are under Alert Level 3, among them the cities of Baguio, Santiago, Dagupan, Naga, and Lapu-Lapu.

Relatively, the negative sentiments in the local bourse also affected the peso, which closed the week at 51.35 against the US dollar, down from 51.18 a day ago.

It opened the day at 51.25 and traded between 51.37 and 51.18, averaging at 51.249.

Volume totaled USD1.02 billion, lower than the previous session’s USD1.15 billion.

Source: Philippines News Agency

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