PSEi extends downtrend on pandemic concerns

Philippine shares extended their losing streak for the second straight session on Wednesday as lingering concerns over the COVID-19 continue to weigh on investor sentiment.

The bellwether PSEi shed 113.55 points or 1.63% to 6,863.61 at the closing bell. The broader All Shares lost 37.64 points or 0.90% to 4,131.32.

“The local bourse extended its decline... as pandemic concerns continued to cloud investor sentiment,” Philstocks Financial senior equity analyst Japhet Tantiangco said.

“This comes amid the threat of the new and more infective COVID-19 variant from the UK which has already been detected in the country with 17 cases already confirmed so far,” he said.

Meanwhile, foreigners remain as net sellers with net outflows registering P1.37 billion which added to the downward pressure.

More than 98.96 billion shares valued at P10.68 billion, changed hands. Advancers led decliners, 112 to 101, and 50 issues were unchanged. — BM, GMA News