Philippine shares down due to COVID-19 worries, profit-taking ahead of SONA

Philippine shares closed in the red on Wednesday as investors continued to pull out gains from previous sessions as they await the President’s announcement on his State of the Nation Address (SONA).

Lingering concerns over the impact of COVID-19 pandemic also sent the market down.

The benchmark PSEi shed 72.05 points or 1.17% to 6,064.26 at the closing bell. The broader All Shares lost 30.63 points or 0.85% to 3,569.09.

“Investors took profits as the local second quarter earnings releases will start next week and kept to the sidelines ahead of the SONA,” Regina Capital head of sales Luis Limlingan said.

President Rodrigo Duterte is scheduled to deliver his fifth SONA on July 27, Monday.

“Last minute profit taking amid coronavirus worries sent the local market lower,” Philstocks Financial said in its daily market commentary.

More than 3.006 billion shares valued at P4.501 billion, changed hands. Decliners led advancers, 105 to 89, and 35 issues were unchanged.—LDF, GMA News