PH Stocks, Peso Weaken Still Due to Covid-19

Philippine stocks ended the week in negative territory and the peso weakened still due to concerns over the continued rise of coronavirus disease 2019 (Covid-19) cases around the globe.

The Philippine Stock Exchange index (PSEi) slipped further to 6,787.91 points, down 2.58 percent or 179.93 points.

“Local and international markets did not find any relief on pandemic concerns yet,” Regina Capital managing director Luis Limlingan said in his daily market report.

Italy, for one, reported 650 confirmed Covid-19 cases.

California Governor Gavin Newsom also said they were monitoring about 8,400 persons who arrived in the state on commercial flights from Asia due to concerns over the virus.

The state government recently reported 28 confirmed Covid-19 cases, including people who have been in China recently, as well as the cruise ship Diamond Princess docked in Yokohama, Japan.

With anxieties about the virus, all counters in the local bourse ended the day in the red.

All Shares declined by 2.06 percent, or 85.35 points, to 4,064.32 points.

Mining and Oil registered the biggest drop with 4.47 percent and was followed by Financials, 3.86 percent; Property, 2.78 percent; Holding Firms, 2.41 percent; Services, 2.18 percent; and Industrial, 0.95 percent.

Volume totaled 1.1 billion shares amounting to PHP11.39 billion.

Losers led gainers at 160 to 50 while 36 shares were unchanged.

Similarly, the peso finished the day’s trade at 50.97 from 50.815 on Thursday.

This close was contrary to the local unit’s strong start for the day at 50.82, compared to its 51.02 opening level a day ago.

It further strengthened to 50.8 mid-trade but dipped to 51.01, bringing the day’s average to 50.897.

Volume totaled USD1.68 billion, higher than the USD1.42 billion on the previous day.

A trader forecasts the peso to trade between 50.90 and 51.20 on Monday. (PNA)