PSEi down 2.37% as investors await SONA

Philippine share prices descended by over 2% on Monday, as investors took to the sidelines ahead of President Rodrigo Duterte's latest State of the Nation Address (SONA).

The bellwether PSEi tumbled by 142.32 points or 2.37% to 5,860.94 at the closing bell. The broader All Shares index fell by 65.18 points or 1.85% to 3,467.83.

According to Regina Capital Development Corp., market players are now awaiting Duterte's fifth SONA, scheduled to be done live at the Batasang Pambansa 4 p.m. on Monday.

"PSEi shares ended lower to start the week, as investors stayed on the sidelines ahead of the SONA, and the latest US stimulus is still in the works," he said in a mobile message.

"The weaker macro activities worldwide also prompted fear of a slowdown in economy growth following the containment of the second wave," added Limlingan.

The Philippines on Sunday announced 2,110 new confirmed cases of the coronavirus disease, marking the fourth consecutive day that over 2,000 new infections were reported.

This brought the total to 80,448, including 26,110 recoveries and 1,932 deaths.

More than 3.100 million shares, valued at P3.937 billion, changed hands. Decliners led advancers, 123 to 72, and 48 issues were unchanged. — RSJ, GMA News