Stocks drop on concerns over rising COVID cases

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    The Philippine Stock Exchange index (PSEi) closed yesterday at 6,756.92 points, lower by 124.45 points or 1.81 percent.

    The broader all shares index was down 79.14 points to 3,079.40, a 1.9 percent drop.

    Losers edged gainers 201 to 38 with 29 stocks unchanged. Trading turnover reached P9.85 billion.

    The peso closed at 48.561 to the dollar, down from Friday’s close of 48.56.

    The currency opened at 48.55 and hit a high of 48.545 and a low of 48.61. Trading turnover reached $685.98 million.

    SB Equities Inc. said Monday’s drop was “on concerns over a renewed surge in coronavirus infections after the country reported over 3,000 fresh cases for a third consecutive day amid the presence of the more transmissible South African and UK variants.”

    “While investors also grappled with ongoing elevated inflation and higher treasury yields, the market traded weaker all session,” it said.

    Most actively traded Dito CME Holdings Corp. was down P1.34 to P13.90. MerryMart Consumer Corp. was down P0.93 to P5.19. Premier Horizon Alliance Corp. was down P0.48 to P2.40. Apollo Global Capital Inc. was down P0.032 to P0.223. Metropolitan Bank and Trust Co. was down P0.15 to P48.70. AC Energy Corp. was down P0.38 to P6.76. SM Investments Corp. was down P2 to P1,039. Ayala Land Inc. was down P0.75 to P37.75.

    BDO Unibank Inc. was down P4.80 to P106. Da Vinci Capital Holdings Inc. was down P1.33 to P3.58.