Fears Of Second Wave OF COVID-19 Drags PSEi By 4.82%
After a good streak last week, Philippines stocks exchange share prices opened this week on the red. The decline was due to the fears of a second wave of the coronavirus as the confirmed cases reported in the country continues to rise.
The main PSEi plunged by 312.42 points or 4.82% to close at 6,163.82. The broader All Shares index dropped 152.33 points or 4.01% to 3,646.83.
Luis Limlingan, the head of sales of Regina Capital Development Corp, explained that the drop last Monday was a reflection of the market players’ sentiment on the latest data on COVID-19 in the country.
In a text message that he sent, he said:
“Local shares slid on growing concerns of a COVID-19 second wave; marking one of the worst weekly starts since March.”
The Philippines registered 539 more cases of COVID-19 last Sunday, this brought the total number of cases to 25,930. This includes 5,954 recoveries and 1,088 deaths, and with 18,888 active cases.
More than 1.006 billion shares, valued at ₱7.760 billion, changed hands. Decliners led advancers, 178 to 29, and 29 issues were unchanged.