PSEi slips on profit-taking

Philippine shares retreated on Tuesday as investors cashed in on gains from the previous session.

The benchmark PSEi shed 62.23 points or 0.94% to 6,545.55 at the closing bell. The broader All Shares lost 22.23 points or 0.56% to 3,965.86.

“The PSEi took a step back and ended lower as traders took profits from the minor rally in the previous session,” AAA Equities head of research Chris Mangun said.

“The losses were not because of panic selling as investors may have gained some optimism from the President's announcement of cash stimulus and the removal of restrictions for the private sector to bring in their own supply of vaccines,” he said.

The Department of Budget and Management released the order to fund the planned financial assistance to cover at least 22.9 million individuals affected by the reimposition of the enhanced community quarantine (ECQ) in Metro Manila and its nearby provinces. 

Under the financial assistance, beneficiaries are entitled to receive P1,000 per person but not to exceed P4,000 per family either in cash or in kind based on the most efficient and effective mechanism to be identified by their respective local government units. 

President Rodrigo Duterte on Monday night said he ordered vaccine czar Secretary Carlito Galvez Jr. to sign any and all documents that would allow the private sector to import “at will” and “whatever amount they want to bring in.” 

“The general sentiment remains cautious amid the uncertainty on the extension of stricter quarantine on the country's capital,” Mangun said.

Presidential spokesperson Harry earlier said that an extended implementation of the ECQ protocol in Metro Manila and nearby provinces will be implemented as an absolute last resort amid the surge in COVID-19 cases. 

More than 1.495 billion shares valued at P4.698 billion, changed hands. Decliners led advancers, 104 to 103, and 46 issues were unchanged.

Mangun said the market traded below its average value turnover due to the uncertain environment.—LDF, GMA News