July 24, 2024


World Business Inquiries

Extended isolation of high-risk areas in PH rattles stocks

2 min read

The local stock barometer ended the week in the doldrums as investors gauged the economic impact of the extended lockdown of high-risk areas in the country, including the National Capital Region.

The Philippine Stock Exchange index (PSEi) fell by 134.57 points or 2.4 percent to close at 5,464.98, likewise tracking mostly sluggish regional markets.

For the week, the PSEi gave up a total of 324.99 points or 5.6 percent.

Papa Securities said major support area for the PSEi remained at the 5,000 level, while heavy resistance was still at 6,000.

Apart from the enhanced community quarantine (ECQ) extension until mid-May, Papa Securities noted the US markets were already “showing signs of cracks in terms of technicals” despite recent gains from an additional stimulus package.

The local market was weighed down most on Friday by the property counter, which lost 4.37 percent, as the extension of the ECQ after end-April is seen to further erode revenues.

The day’s two most actively traded companies were Ayala Land Inc. and SM Prime Holdings, which fell by 4.3 percent and 5.29 percent, respectively.

The holding firms also declined by 3.25 percent. The financial, industrial and mining/oil counters all slipped by less than 1 percent.

Only the services counter gained, albeit at a marginal level.

Value turnover for the day amounted to P5.24 billion. There were 105 decliners that edged out 76 advancers, while 48 stocks were unchanged.

The PSEi was weighed down most by Aboitiz Equity Ventures, which lost 6.55 percent.

Conglomerates SM Investments and JG Summit both tumbled by over 3 percent, while Ayala Corp. and Metro Pacific lost over 2 percent.

Jollibee slipped by 1.25 percent, while Puregold, Robinsons Land and BPI all slipped by less than 1 percent.

Outside the PSEi, electronics manufacturer Cirtek shed 3.56 percent. PLDT bucked the day’s downturn with its 5.5-percent gain. —DORIS DUMLAO-ABADILLA

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