Index tumbles on lingering COVID-19 concerns

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Credit: Read the original article from PhilStar Business.

Index tumbles on lingering COVID-19 concerns

Richmond Mercurio (The Philippine Star) – November 17, 2020 – 12:00am

MANILA, Philippines — The stock market opened the week on a sour note as share prices slumped on concerns over the lingering economic toll of the pandemic.

The Philippine Stock Exchange index slipped 0.74 percent, or 51.83 points, to end at 6,918.05, while the broader All Shares index declined 0.24 percent, or 10.18 points, to settle at 4,073.37.

“Philippines shares slumped on fears that rising coronavirus infections may slow the recovery in the global economy and fuel demand,” Regina Capital Development Corp. managing director Luis Limlingan said.

“Increasing coronavirus infections globally re-ignited concerns about the economic toll from the pandemic, while skepticism over the reach of a potential COVID-19 vaccine further boosted the safe-haven metal,” he said.

Financials and industrial were able to finish with gains of 1.58 points and 37.04 points, respectively, yesterday.

The rest, however, were in the red, led by mining and oil which lost 139.84 points, followed by holding firms which fell by 63.42 points.

Value turnover stood at P8.77 billion.

Market breadth was positive as advancers edged out decliners, 119 to 109, while 30 stocks were unchanged.

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