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Stocks slide further as virus concerns persist
Iris Gonzales (The Philippine Star) – October 8, 2020 – 12:00 am
MANILA, Philippines – The stock market did not rebound yesterday as investors found it difficult to hold on amid the continuing uncertainties caused by the COVID-19 pandemic.
The benchmark index of the Philippine Stock Exchange (PSEi) ended at 5,867.88, down 42.76 points or 0.72 percent.
Likewise, the broader gauge of all stocks fell 15.83 points or 0.44 percent to 3,527.9.
Total value turnover reached P7.1 billion. Market breadth was positive, from 101 to 92, while 48 issues were unchanged.
“The local market extended its decline as investors took the negative signals from Wall Street’s performance overnight. This comes as US President Donald Trump halts fiscal stimulus negotiations until after the election, raising concerns about the US economy. Local economic concerns also remained amid the pessimistic results of the World Bank, National Authority for Economics and Development and Department of Finance survey of 74,031 companies in the Philippines conducted from July 7-14. pressure on the market, ”said Japhet Louise Tantiangco, senior research analyst at Philstocks Financials.
Net external flows are already running on a 19-day streak, averaging P711.2 million per day.
“Yesterday’s trading somehow had the conviction, as shown by our net value turnover which reached P6.7 billion, above the annual average to date of P5.8 billion,” Tantiangco said.
“Investors continue to focus on second-tier investors, while PSEi holders continue to close positions, anticipating a sell off once third-quarter economic figures are reported,” said Chris Mangun of AAA Southeast Equities.
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