PSEi down 0.77% as investors await fate of businesses once MECQ lapses

Philippine share prices closed in the red on Tuesday as investors remained cautious about the fate of businesses once the modified enhanced community quarantine (MECQ) expires by the end of the month.

The bellwether PSEi shed 42.36 points or 0.77% to 5,496.83 at the closing bell. The broader All Shares lost 36.96 points or 1.10% to close at 3,313.02.

“Investors remained on the sidelines awaiting the latest update from government on how businesses in general would be conducted after May,” Regina Capital head of sales Luis Limlingan said.

“Fourteen of the 17 mayors in Metro Manila are supporting the plan to downgrade the MECQ to GCQ (general community quarantine) in the NCR after May 31,” Limlingan.

Interior Secretary Eduardo Año earlier said the National Capital Region may be placed under GCQ after May 31. 

Año said President Rodrigo Duterte could announce his final decision by Thursday or Friday.

More than 1.363 billion shares valued at P5.168 billion, changed hands. Decliners led advancers, 156 to 37, and 35 issues were unchanged. —KG, GMA News