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Stocks fall on Delta variant concerns

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Both the Philippine Stock Exchange index (PSEi) and the peso started the week’s trade in the negative territory partly on concerns regarding the Delta variant of the coronavirus disease 2019 (Covid-19) according to a report by Philippine News Agency.

The main equities index shed 1.59 percent, or 106.63 points, to 6,587.20 points. 

All other counters tracked the main gauge, with the All Shares down by 1.29 percent, or 53.39 points, to 4,084.55 points. 

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Property registered the biggest drop among the sectoral indexes after it fell 3 percent and was trailed by the Services, 1.73 percent; Holding Firms, 1.19 percent; Financials, 1.17 percent; Industrial, 0.57 percent; and Mining and Oil, 0.38 percent. 

Volume totaled 2.11 billion shares amounting to PHP6.54 billion. 

Losers led gainers at 159 to 43, while 48 shares were unchanged.

“Philippine shares were sold again ahead of the holiday and as investors keep vigilant on the Delta variant spreading globally and more key data set to be released,” said Luis Limlingan, Regina Capital Development Corporation head of sales. 

July 20 is a national holiday in the Philippines this year in line with the celebration of the Eid’l Adha (Feast of Sacrifice). 

The Department of Health (DOH) last week reported 16 new cases of Covid-19 infections caused by the Delta variant, two of which are from the National Capital Region (NCR). 

Aside from these factors, Limlingan said investors are also awaiting the release of housing data reports from the US on Tuesday and the Markit manufacturing report by the end of the week. 

Meanwhile, the peso ended the day at 50.34 from 50.235 last Friday. 

It opened the day at 50.42, weaker than the previous session’s 50.2 start. 

It traded between 50.5 and 50.3, resulting in an average of 50.444. 

Volume reached USD810.99 million, lower than the previous session’s USD841.6 million.


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