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The Philippine Stock Exchange in Makati City. (TMM file photo)

Stocks, peso start week down on Covid-19 second wave worries

Both the local main stocks index and the peso ended weaker on Monday, partially on news of a spike in the number of coronavirus disease 2019 (Covid-19) in several countries.

The Philippine Stock Exchange index (PSEi) declined by 4.82 percent, or 312.42 points, to 6,163.82 points.

The drop is the theme for the local bourse during the day, with All Shares down by 4.01 percent, or 152.33 points, to 3,646.83 points.

Property posted the biggest decline among the sectoral gauges after it slipped by 5.72 percent.

It was trailed by Financials, 5.60 percent; Holding Firms, 4.71 percent; Mining and Oil, 4.23 percent; Industrial, 3.22 percent; and Services, 3 percent.

Volume totaled to a little over one billion shares amounting to PHP7.76 billion.

Losers led gainers at 178 to 39, while 29 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, traced the negative sentiment in the local bourse during the day to worries on the second wave of Covid-19 cases in several countries.

He cited reports about the partial lockdown in China’s capital, Beijing, after an uptick in cases traced to the largest fruit and vegetable market in the city.

Worries on the second wave are also high in the US, including in the states of Florida and Texas.

This risk-off sentiment was also mirrored at the foreign exchange trading during the day after the peso ended the day at 50.345 to a US dollar, weaker than its 50.195 close Thursday last week.

There was no trading last Friday because it was an Independence Day holiday.

The local unit opened the day at 50.3 and traded between 50.39 and 50.24. The average for the day stood at 50.293.

Volume totaled to USD791.9 million, lower than the USD974.24 million in the previous session. PNA

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