PH stock index slips out of 6,900 territory

The main index extended its slump on Wednesday as investors remained cautious amid pandemic concerns and the shed of Wall Street overnight.

The bellwether Philippine Stock Exchange index (PSEi) lost 0.58 percent or 40.16 points to close at 6,880.20, while the broader All Shares dropped by 0.4 percent or 17.37 points to finish at 4,277.63.

Philstocks Financial Inc. senior research analyst Japhet Tantiangco said investors’ concern is now on the uncertainties on the sustainability of the new social restrictions on the National Capital Region and its further easing in the future as the country’s daily Covid-19 cases continue to remain elevated.

The country’s capital region will be placed under Alert Level 4 from September 16 to 30.

Meanwhile, the Philippines logged 16,989 additional Covid-19 cases on Wednesday, bringing the total to 2.28 million.

Global economic worries also weighed on sentiment, according to Tantiangco, as China’s retail sale and industrial production growth weakened year-on-year.

For his part, Regina Capital Development Corp. Managing Director Luis Limlingan said Asian markets, including the Philippine bourse, slipped after the US markets dipped overnight amid growth concerns.

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The Dow Jones, S&P 500 and Nasdaq fell by 0.84 percent, 0.57 percent and 0.45 percent, respectively.

Neighboring Asian indices followed suit, as Tokyo was down 0.52 percent, Shanghai declined by 0.17 percent, Hong Kong dropped 1.84 percent, Jakarta tumbled by 0.31 percent, and Singapore slipped by 0.69 percent.

Seoul, Bangkok and Ho Chi Minh, on the other hand, gained 0.15 percent, 0.07 percent and 0.46 percent, respectively.

Despite the shed, trading was still strong as net value turnover stood at P7.28 billion, slightly higher than the year-to-date average of P7.11 billion, although lower than Tuesday’s P7.31 billion.

Foreign funds, meanwhile, exited as the market recorded a net foreign selling of P73.03 million.

The conglomerates were the lone survivors among local sectors at 0.78 percent, while the property index declined the most at 2.17 percent.

Total volume turnover was at 1.51 billion shares valued at P7.55 billion.

Losers bested gainers at 128 to 64, while 51 securities were unchanged.

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