The Philippine Stock Exchange Index (PSEi) index dropped significantly below the 6,000-level main on Monday. It was because the investors exited in the country. Then, it caused new coronavirus infections to continue to grow.
By the closing bell, the PSEi was down 2.37 percent, or 142.32 points, to 5,860.94. Meanwhile, the broader all-shares index was down 1.85 percent, or 65.18 points, to 3,467.83.
Shares throughout the Asian world were mostly up, reflecting the continuing divide between the Philippines and their neighbors, all of whom also managed to contain the spread of the deadly virus.
Citing a recent survey from the Social Weather Stations, April Lee-Tan, head of COL Financial Analysis, said increased caution among Filipinos, apart from implementing more stringent lockdown measures, would result in a slower economic recovery.
Investors Stayed on the Sidelines
Luis Gerardo Limlingan, managing director at Regina Capital Development, said investors also stayed on the sidelines on Monday ahead of President Duterte’s fifth State of the Nation Address (SONA), where he later outlined recovery measures.
Instead of bad emotions, most subsectors were down except for mining and oil, which rose 4.21 percent after gains from Nickel Asia Corp. and Philex Mining Corp. Financial stocks experienced a decline of 4.29 percent.
The amount was comparatively smaller with 3.1 billion shares. And then, the price was at P3.9 billion hands changing. There were 133 losers against 72 winners, and 48 companies closed unchanged.
MerryMart Consumer Corp. was the most actively traded on Monday, gaining 4.68 percent to P2.46 per share.
Followed by SM Investments Corp., down 1.83% to P884; Metropolitan Bank and Trust Co., down 4.85% to P34.30; BDO Unibank Inc., down 3.28% to P90; and Bank of the Philippines, down 6.47% to P65 per share.
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