PSEi retreats after ECQ extension in NCR, other high-risk areas

Share prices on the Philippine Stock Exchange retreated on Friday as investors weighed on the further economic impact of the extension of the enhanced community quarantine in the National Capital Region (NCR) and other major provinces in the Luzon island.

The bellwether PSEi shed 134.57 points or 2.40% to 5,464.98 at the closing bell. The broader All Shares lost 58.08 points or 1.70% to 3,350.73.

“Shares ended lower as investors assessed the impact of the extension of ECQ until May 15...,” Regina Capital head of sales Luis Limlingan said.

President Rodrigo Duterte has extended the enhanced community quarantine to stop the spread of COVID-19 in Metro Manila, Central Luzon and CALABARZON until May 15.

Duterte also accepted the recommendation of the IATF to extend until May 15 the ECQ in similarly high-risk areas Benguet, Oriental and Occidental Mindoro, Albay and Catanduanes.

For four provinces -- Tarlac, Benguet, Pangasinan, and Zambales -- the quarantine status may change by April 30.

Duterte also placed some areas in Visayas and Mindanao under ECQ but subject to reassessment: Antique, Iloilo, Aklan, Capiz, Cebu, Cebu City, Davao del Norte, Davao City and Davao de Oro.

“Further economic losses brought by the community quarantine extension in Luzon’s major regional contributors sent the local bourse lower,” Philstocks Financial said in its market close report.

More than 829.261 million shares valued at P5.241 billion, changed hands. Decliners led advancers, 105 to 76, and 48 issues were unchanged. —LDF, GMA News