The stock market tumbled out of the 6,800 territory on Wednesday on persistent worries about the country’s economic recovery and problems on the government’s Covid-19 vaccine
The bellwether Philippine Stock Exchange index (PSEi) declined by 0.86 percent or 58.72 points to close at 6,755.95 while the wider All Shares fell by 1.003 percent or 41.56 points to finish at 4,100.16.
Philstocks Financial Inc. research associate Claire Alviar said investors still digested the Duterte administration’s refusal on Monday to place the entire country under modified general community unless coronavirus vaccines begin to be rolled out.
The worries this refusal fueled allowed allowed negative sentiment to linger, according to her.
“Without reopening the economy further, it would be hard for the country to rebound from the [coronavirus] pandemic,” Alviar said.
Most Asian markets also closed in the red as investors became cautious, she noted.
Tokyo dropped by 1.61 percent, Shanghai slipped by 1.99 percent, Hong Kong fell by 3.02 percent, Seoul lost 2.45 percent, Jakarta shed 0.34 percent, Bangkok dipped by 0.67 percent and Ho Chi Minh slid by 1.33 percent. Singapore climbed by 1.36 percent.
Foreign funds again left the market, with net foreign selling at P652.86 million on Wednesday.
All local sectors had a bloodbath, with mining and oil losing the most at 3.006 percent.
Total volume turnover was at 36.1 billion shares, valued at P14.7 billion.
Losers outpaced gainers, 174 to 58, while 37 securities were unchanged.