PSEi bleeds 3.59% as metropolis, nearby areas to be placed under MECQ anew

Philippine share prices bled by over 3% on Monday to mark the worst performance in two months, after stricter quarantine measures were reimposed in the country's metropolis and nearby provinces.

The local stock barometer lost 212.53 points or 3.59% to 5,715.92 at the closing bell. This is the worst reading in two months since May 28 when it closed at 5,570.22.

Meanwhile, the broader All Shares index fell by 101.81 points or 2.91% to 5,715.92.

Regina Capital Development Corp. head of sales Luis Limlingan attributed Monday's plunge to the reimposition of the modified enhanced community quarantine (MECQ), along with other external factors.

"Shares closed much lower to kick off August, after being weighed down by the sudden shift back to MECQ, disappointing global economic data, and a lack of progress on Capitol Hill toward another coronavirus package," he said in a mobile message.

Over the weekend, President Rodrigo Duterte said Metro Manila, Bulacan, and the Calabarzon areas will again be placed under the MECQ from August 4 to 18 following pleas of the healthcare sector.

Frontliners earlier called on the government to consider reimposing stricter quarantine measures to give health workers a time to recuperate from exhaustion due to the non-stop admission of COVID-19 patients.

Duterte's speech, however, also taunted healthcare workers and said they should have asked for an audience in airing their plea, instead of making public statements. — RSJ, GMA News