Rising COVID cases spooks stock investors

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Share prices ended lower Monday as investors took a risk-off stance following a higher -than-expected number of cases of the new coronavirus disease 2019 (COVID-19).

The Philippine Stock Exchange index was down 61.01 points to 6,267.40, a 0.96 percent drop.

The broader all shares index was down 24.34 points to 3,677.83, a 0.66 percent drop.

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Gainers edged losers 99 to 96 with 47 stocks unchanged. Trading turnover reached P7.59 billion.

The peso closed at 49.54 to the dollar, down from 49.381 on Friday. The currency opened at 49.35, hitting a high of 49.30 and a low of 49.55. Trading turnover reached $1.09 billion.

“Philippine shares slumped again on Tuesday after local health officials reported more than 2,000 fresh confirmed coronavirus for a second straight day,” said stockbroker SB Equities Inc.

“Investors couldn’t shake off a continued rise in coronavirus cases and inflation came out much higher than expected for June,” added Luis Limlingan, managing director at Regina Capital and Development Corp.

Limlingan also said the Sino-US tensions contributed to the sell-off. “(US President Donald) Trump is considering several executive orders targeting China, manufacturing and immigration, his chief of staff Meadows told reporters. Even for the UK, China warned the UK it will face ‘consequences’ if it chooses to be a ‘hostile partner’ as (UK Prime Minister Boris) Johnson’s government prepares to phase out Huawei,” he said.

Most actively traded Emperador Inc. was up P0.18 to P7.98. BDO Unibank Inc. was up P0.50 to P98. SM Investments Corp. was up P9 to P949. Dito CME Holdings Corp. was up P0.19 to P3.23. Pure Gold Price Club Inc. was steady at P46.60. Universal Robina Corp. was down P2.50 to P126.50. Bank of the Philippine Islands was steady at P72. SM Prime Holdings Inc. was down P1.20 to P31.50. Ayala Corp. was down P1.50 to P751. PLDT Inc. was down P15 to P1,297.

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