PSEi bleeds over 2% ahead of Duterte’s final SONA

Share prices on the Philippine Stock Exchange plunged by over 2% on Monday, ahead of President Rodrigo Duterte’s final State of the Nation Address (SONA).

The main PSEi fell by 148.13 points or 2.27% to 6,372.61 at the closing bell. The broader All Shares lost 73.36 points or 1.82% to 3,965.15.

Duterte is set to deliver his final SONA on Monday afternoon, with the Philippines over a year into its quarantines due to the COVID-19 pandemic made even worse by the more infectious Delta variant.

“Investors sold out of the market as investors await the final SONA to be addressed by President Duterte later at 4 p.m.,” Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

Limlingan said most expect Duterte to delve into efforts the government plans to take to shepherd the Philippines out of the pandemic, and his heirloom legacies.

The COVID-19 pandemic has already killed 27,224 in the Philippines, and has left millions unemployed.

Only over 5 million Filipinos have been vaccinated so far, below the already lowered target of 58 million, and even far lower than the 109.03 million population.

More than 1.952 billion shares, valued at P4.150 billion, changed hands. Decliners led advancers, 151 to 49, and 39 issues were unchanged.—AOL, GMA News