PSEi bleeds as government implements stricter quarantine restrictions

Published March 22, 2021 04:20 PM By JON VIKTOR D. CABUENAS,GMA News

Philippine share prices slid on Monday, following the implementation of stricter quarantine measures in Metro Manila and nearby provinces for the next two weeks.

The main PSEi lost 40.93 points or 0.64% to 6,395.17 at the closing bell. The broader All Shares index shed 21.70 points or 0.56% to 3,887.71.

Monday was the first day that the government implemented stricter quarantine measures

in Metro Manila, Bulacan, Cavite, Laguna, and Rizal. Non-essential travel to and from the bubble has been suspended from March 22 to April 04, 2021.

The updated quarantine restrictions will ban mass gatherings; dine-in services in restaurants; implement a common curfew from 10 p.m. to 5 a.m.; and limit essential and non-essential services to 30% to 50%, among others.

"Philippine shares closed lower as investors assessed the impact of added restrictions on selected hot spots in order to contain the spread of the virus," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

The latest guidelines came as the Philippines reported over 7,000 COVID-19 cases in the past few days, marking the highest daily tally on record. On Monday, new cases was put at 8,019, a new record high.

More than 2.475 billion shares, valued at P6.294 billion, changed hands. Decliners led advancers, 172 to 53, and 33 issues were unchanged. — RSJ, GMA News

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