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Manila Bulletin devider Business devider Stocks drop on longer curfew

Stocks drop on longer curfew

Published Aug 19, 2020 04:58 pm

Local share prices dropped after investors were surprised government imposed a longer curfew than what was in effect prior to the supposed easing of quarantine measures. 

The Philippine Stock Exchange index (PSEi) lost 114.33 points, or 1.86 percent, to end at 6,042.12 with only the Services sector managing to advance. 

Volume remained thin at 1.36 billion shares worth P5.47 billion as losers edged out gainers 95 to 92 with 42 unchanged. 

“The PSEi ended substantially lower today as investors remained cautious and were quick to take profits,” said AAA Equities Head of Research Chris Mangun. 

He noted that, “The government announced that a unified curfew from 8 p.m. to 5 a.m. will be implemented in Metro Manila. This could have hurt sentiment as current conditions are more restrictive than before the imposition of MECQ.” Regina Capital Development Corporation Managing Director Luis added that, “Local shares succumbed to profit taking after ongoing wrangling in the US Congress over further coronavirus aid and concerns about how the economy will fare when an unprecedented raft of fiscal stimulus eventually burns off.”

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