Do Not Read This: Diego Cagahastian from Opinyon
Do Not Read This

Market cowed by COVID-19

Sep 16, 2021, 12:31 AM
Diego S. Cagahastian

Diego S. Cagahastian


ONE day before Metro Manila implements the planned granular lockdowns using the new Alert Level System today, Sept. 16, the Philippine Stock Exchange declined.

The main index shed 40.16 points or 0.58 percent to close at 6,880.20 on Wednesday while the all shares index also decreased by 17.37 points or 0.40 percent to finish at 4,277.63.

The reason why investors and traders are staying on the sidelines is still the threat of the COVID-19 pandemic.

They surmise that with Metro Manila easing the restrictions in some businesses, people's mobility, etc., the National Capital Region might again suffer a resurgence of the epidemic.

The PSE index, therefore tracks the COVID-19 situation, at least in the central business district of the country.

Except for holding firms, most sectoral indices were in the red yesterday.

The tally looked like this -- holding firms, up 54.12 points or 0.78 to end at 6,973.58.

Property lost 66.89 points or 2.17 percent; services down by 25.83 points or 1.39 percent; industrials cut by 89.66 points or 0.88 percent; financials down by 11.05 points or 0.77%; and mining and oil decreased by 17.54 points or 0.18 percent.

One indicator of the strength of the market is the buying and selling of shares by foreigners.

On Wednesday, foreigners sold P73.03 million worth of shares in PSE, reversing their net purchases in the previous day.

It was just too bad that Wednesday was the second day of $:RCR, the much-touted REIT of Robinsons Land Corporation, when the market was weak. It opened at 6.45 and reached 6.46 (its previous close) before settling at 6.44.

A saving grace for this stock is the fact that foreigners bought it -- some 37.99 million.

More on the tepid start of $:RCR tomorrow.

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