Business

PH shares fall on Delta fears

The local stock barometer dropped to the 6,600 level on Friday as rising cases of COVID-19 Delta infections shook regional markets.

The main-stock Philippine Stock Exchange index (PSEi) fell 85.29 points, or 1.27 percent, to close at 6,633.22.

For the week, the newly balanced PSEi managed to gain 313.03 points or 4.9 percent as investors expected a relaxation of quarantine restrictions.

Limitations

Joseph Roxas, chairman of Eagle Equities, said the easing of quarantine restrictions had been telegraphed to the market during a meeting of mayors in Metro Manila.

Market sentiment has weakened because investors “expected COVID-19 cases to continue to rise,” Roxas added.

In the country, daily COVID-19 cases have risen again and reached record highs on Friday after market closing.

In the red

All counters ended in the red, led by the holding company and property counters.

The financial, industrial, services and mining / oil counters all shed less than 1 percent.

The value turnover amounted to P6.3 billion. Foreigners became net sellers again, which resulted in net foreign sales of DKK 175.12 million.

While the PSEi fell, the market breadth was positive on Friday, with 113 advances accounting for 78 declines, while 47 stocks were unchanged.

PSEi was burdened most by ICTSI and BPI, which lost 2.73 percent and 2.67 percent, respectively.

Ayala Corp. lost nearly 2 percent while the JG Summit fell 1.11 percent.

ALI, GT Capital, PLDT and BDO all fell by less than 1 percent.

Decliners

Notable declines outside the PSEi included the Emperador, which retreated 1.18 percent after a recent start-up driven by news of its dual listing plan in Singapore.

On the other hand, PSEi advanced newbie Converge by 5.19 percent. It was the most traded company of the day.

Another PSEi novice, AC Energy, rose 4.56 percent.

Globe Telecom added 2.57 percent, while Megaworld strengthened by 0.7 percent.

Investors also extinguished stocks in a number of second-line stocks, such as AyalaLand Logistics, which rose 7.28 percent.

Recently listed Monde Nissin added 2.44 percent, while Cirtek, which recently entered into a P1.37 billion share offering, added 3.83 percent.

Nickel Asia and D&L both rose by less than 1 percent.

—Doris Dumlao-Abadilla

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