PSEi extends dip

The local shares index continued its decline on Monday to end only a few points above the 7,200 territory.

The bellwether Philippine Stock Exchange index (PSEi) dipped 0.48 percent or 35.02 points to 7,203.44, while the broader All Shares shed 0.49 percent or 21.18 points to finish at 4,321.30.

AAA Equities head of research Christopher Mangun said trading on blue chips was muted as volatility continued to die down.

Mangun added that this is expected as investors step back to monitor the health situation and economic recovery.

As of Sunday, the Philippines recorded half a million Covid-19 cases at 500,577, of which 24,691 are active cases, 465,991 are recoveries and 9,895 are fatalities.

“We expect the main index to continue sideways until government policies regarding vaccine rollout and quarantine restrictions are cleared up,” Mangun noted.

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said the local bourse “contemplated on an additional fiscal aid under Biden’s administration, as well as earnings releases of some big US banks.”

The industrial index was the sole survivor among local sectors at 0.23 percent, while the mining and oil led the decliners at 3.08 percent.

Total volume turnover was at 169.05 billion shares valued at P10.38 billion.
Losers outpaced winners at 137 to 95, while 43 securities were unchanged.