PSEi plunges 3.61% on rising COVID-19 cases

Philippine shares closed in the red on Friday with the local stock barometer plunging more than 3% as investor sentiment was weighed by continued rise in new COVID-19 cases.

The benchmark PSEi lost 236.38 points or 3.61% to 6,320.19 at the closing bell. The broader All Shares shed 82.99 points or 2.04% to close at 3,937.94.

“Sentiment was bearish due to the continuous rise in COVID-19 cases with yesterday reaching 12,439 new case counts. The detection of more cases with the Delta variant also added to the pessimism,” Philstocks Financial senior equity analyst Japhet Tantiangco said.

On Friday, 13,177 new COVID-19 cases were reported, the highest daily infections recorded since April 2 when over 15,000 new cases were logged. 

The new infections also pushed the country’s active cases to 96,395, marking the first time that active cases surpassed 90,000 since April 24.

The rise of new COVID-19 cases amid the threat of the Delta variant is seen to trigger another round of hard lockdowns which could further hurt the economy.

The economic loss per week due to varying levels of strict quarantine modes is estimated at P150 billion, according to the National Economic and Development Authority. 

Earlier in the day, Health Secretary Francisco Duque III said it is still too early to discuss whether or not the ECQ in the NCR will be extended.

More than 1.932 billion shares valued at P14.36 billion, changed hands. Decliners led advancers, 134 to 63, and 45 issues were unchanged. — RSJ, GMA News