Stocks fall as investors wait for vaccine news


    Stocks slipped Wednesday as investors awaited developments that will support the country’s recovery from the coronavirus disease 2019 (COVID-19) pandemic.

    The benchmark Philippine Stock Exchange index fell 0.21 percent, or 15.26 points to finish at 7,242.85.

    “Philippine shares closed weaker as investors continued to bet on stimulus and COVID-19 vaccines to fuel a swift economic rebound,” Luis Limlingan of Regina Capital Development Corp., said.

    Majority of the sector indices were in the red, outnumbering those that posted gains.

    The property index posted the biggest drop for the day, declining by 1.17 percent. Others in the negative were industrial, services and holding firms, with losses of 0.44 percent, 0.17 percent and 0.15 percent, respectively.

    Meanwhile, mining and oil was yesterday’s biggest gainer with 2.13 percent, while financials rose 1.5 percent.

    Total value turnover reached P9.17 billion. Advancers however toppled decliners, 131 to 105, while 37 stocks were unchanged.