Philippine shares tumble on concerns over rising Europe COVID-19 cases, global banking sector

Philippine shares ended in the red on Tuesday on reinforced concerns over new global pandemic lockdowns amid rising COVID-19 cases in Europe and reports that major banks have allegedly moved illicit money in a span of two decades.

The bellwether PSEi shed 15.04 points or 0.26% to 5,894.28 at the closing bell. The broader All Shares lost 4.84 points or 0.14% to 3,543.93.

The PSEi continued sideways again today and ended with a slight loss. It opened much lower and recovered toward the end of the trading session as investors picked up battered blue chips.

“Philippine shares weakened amid concerns about the COVID-19 trajectory in Europe and illegal money movement by major global banks,” Regina Capital Development head of sales Luis Limlingan said.

Similarly, Asian shares opened weaker on Tuesday on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks, according to a report by Reuters.

Amid rising infections, a new round of pandemic business restrictions would threaten a nascent recovery and further pressure equity markets, the report said.

Meanwhile, a report by the International Consortium of Investigative Journalists said that five global banks, namely JPMorgan, HSBC, Standard Chartered, Deutsche Bank, and Bank of New York Mellon allegedly moved illicit funds even after US officials warned them of criminal prosecutions.

Foreign funds bought P1.185 billion shares and sold P1.849 billion for a net selling position of P655.129 million.

More than 4.4 billion shares valued at P4.63 billion, changed hands. Decliners led advancers, 105 to 86, and 46 issues were unchanged.—AOL, GMA News