Lockdown extension dampens stock market

The benchmark Philippine Stock Exchange index (PSEi) tumbled yesterday due to uncertainties surrounding the fate of the enhanced community quarantine and a major selloff in property stocks.

Malacañang announced yesterday a third extension of the quarantine to May 31 and a shift to modified community quarantine after the end of the month.

The broader All Shares index likewise slipped by 11 points or 0.32 percent to 3,415.24.

The other gauges were mostly in positive territory except for the property index which declined after some property companies have put off projects as a result of the impact of the coronavirus disease 2019 or COVID-19 pandemic.

Total value turnover reached P5.365 billion with 87 advancing stocks and 86 decliners. Forty-five issues were left unchanged.

“The selloff in property heavyweights sent the local bourse down by 16.26 points or 0.28 percent at 5,651.67. This is also amid the modification of the restriction rules with Metro Manila, together with Laguna and Cebu City undergoing a modified enhanced community quarantine until May 31. Volume and value turnover posted 454.17 million and P5.36 billion respectively,” Philstocks Financials said.

Philstocks said concerns about the second wave of infection the COVID-19 spread sent most Asian markets lower.

Asian shares tumbled yesterday on growing worries about a second wave of coronavirus infections after the Chinese city where the pandemic originated reported its first new cases since its lockdown was lifted.