PHL shares down on economic recovery worries

Share prices on the Philippine Stock Exchange closed in the red Wednesday as investors stayed on the sidelines amid concerns over the country’s economic recovery from the COVID-19 pandemic.

The bellwether PSEi shed 58.72 points or 0.86% to 6,755.95 at the closing bell. The broader All Shares lost 41.56 points or 1.00% to 4,100.16.

“The market declined 0.86%  as investors still digested the decision of the government of rejecting to place the entire country under modified general community quarantine (MGCQ) without the COVID-19 vaccine rollout,” Philstocks Financial equity analyst Claire Alviar said.

“Negative sentiment remains in the market since worries over the economic recovery heightened given the uncertainties on the rollout of the vaccine,” she said.

The NEDA previously proposed placing the entire Philippines under the MGCQ starting March 1 supposedly to balance the country's response to stop the spread of COVID-19 and the need of Filipinos to start earning and spending. 

On Monday, presidential spokesman Harry Roque Jr. said Duterte gave more premium to public health and safety over the economy. 

“As of the moment, there's still no exact date on when the vaccine will arrive in the Philippines. Without reopening the economy further, it would be hard for the country to rebound from the pandemic,” Alviar said.

More than 36.101 billion shares valued at P14.704 billion, changed hands. Decliners led advancers, 174 to 58, and 37 issues were unchanged. — BM, GMA News