Business

PSEi withdraws as PH detects the first local case of the Delta variant

The stock barometer slipped to the 6,600 level on Friday as reports that the more contagious Delta coronavirus variant has broken local territories that are not nervous investors.

The major stock of the Philippine Stock Exchange Index (PSEi) ran 34.1 points or 0.51 percent to close at 6,693.83 as foreign outflows from the price escalated.

“Philippine stocks fell as many monitored the number of COVID-19 cases from the new Delta variant,” said Luis Gerardo Limlingan, CEO of stockbroking company Regina Capital Development.

The Philippines on Friday registered a further 16 cases, one of which resulted in death, of the highly transmissible variant of the virus that causes COVID-19, the Department of Health said. Eleven of these cases were acquired locally.

“Meanwhile, foundations are focusing their efforts in the United States as a new wave of revenue reports rolls in and U.S. Federal Reserve Chairman (Jerome) Powell’s testimony to Congress reached its final day,” Limlingan said. When Powell reiterated that US inflation would remain warm for several months before normalization, Limlingan said the Fed was in no hurry to complete its asset purchases.

For the week, the PSEi fell by a total of 141.09 points or 2 percent.

On Friday, the mining / oil counter was the most hit after falling by 2.34 percent, while the financial and holding company counters lost over 1 percent.

The economic and property counters both slipped by less than 1 percent.

The service counter ended a little higher.

Value added improved to P7.59 billion from less than P5 billion in the previous session. However, foreign net sales intensified to P939.35 million from Thursday’s P551 million.

There were 164 decliners, overwhelming 48 advancers, while 34 stocks were unchanged.

GT Capital was among the most violent PSEi firm as the Ty-led conglomerate fell 5.19 percent.

Sy family-led SM investments also fell by 3.43 percent, while Megaworld and Aboitiz Power both lost nearly 2 percent.

RLC and Metrobank both fell by over 1 percent, while LTG, BDO and Ayala Corp. all faltered by less than 1 percent.

Today’s most traded company was not the PSEi share AC Energy, which retreated by 6.93 percent. This company is a market favorite to enter the PSEi curve during the next index adjustment.

—Doris Dumlao-Abadilla

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