Philippines

Stocks slip anew on Delta variant concerns; peso nearly flat

By Joann Villanueva  

MANILA (Philippines News Agency)– The Philippine Stock Exchange index (PSEi) ended Wednesday down still partly due to concerns on the impact of the Delta variant of coronavirus disease 2019 (Covid-19) but the peso managed to move sideways.  The local stock barometer shed 1.68 percent, or 110.99 points, to 6,476.21 points.  All Shares slipped by 1.31 percent, or 53.55 points, to 4,031.00 points.  All the sectoral indexes also ended the trade in the negative territory, led by the Financials after it fell by 3.05 percent.  It was trailed by the Industrial index, 2.09 percent; Holding Firms, 1.71 percent; Mining and Oil, 1.67 percent; Services, 0.90 percent; and Property, 0.60 percent.  Volume for the day reached 1.60 billion shares amounting to PHP5.9 billion.  Losers led gainers at 167 to 45, while 41 shares were unchanged.  “Philippine shares continued to be sold down with many issues already hitting or approaching oversold levels triggered by the spread of the Delta variant,” said Luis Limlingan, Regina Capital Development Corporation head of sales.  He cited the World Health Organization (WHO) report indicating that the death toll from Covid-19 is rising again.  Meanwhile, the peso ended the day sideways against the US dollar at 50.35 from 50.34 last Monday.  There was no trading on Tuesday due to the Muslim event Eid’l  Adha, a national holiday.  It opened the day at 50.35 and traded between 50.41 and 50.17.  Average level for the day stood at 50.312.  Volume totaled to USD1.007 billion, higher than the USD810.99 million in the previous session. (PNA)

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