Waiting game on quarantine status

The benchmark indicator ended at 6,810.34, lower by 116.07 points or 1.68 percent

Local shares closed lower as increasing bond yields led to the reversal of market gains, while other investors are closely monitoring whether the country will transition to modified general community quarantine (MGCQ) in March.

The benchmark indicator ended at 6,810.34, lower by 116.07 points or 1.68 percent after threading from 6,810.34 to 6,907.47 with 156,722 shares traded valued at P8.077 billion.

The index plunged back to the 6,800-level as the market await a clear vaccine distribution timeline, according to AB Capital Securities Inc.

Among those which shed value were SM, Ayala Corp., JG Summit, Ayala Land Inc., and BDO, accounting for 88 points of total decline. Net foreign selling breached the P1 billion mark.

Gold up, oil falls

Gold prices jumped as the greenback weakened, but gains were capped by the rising Treasury yields, Regina Capital Development Corp. managing director Luis Limlingan indicated.

Spot gold inched up 0.3 percent at $1,780.86 per ounce (/oz). While, United States (US) gold futures gained 0.1 percent at $1,777.40.

Oil prices declined last Friday as Texas-based energy firms have started to prepare to restart operations of oil and gas fields which were halted due to freezing weather.

The index plunged back to the 6,800-level as the market await a clear vaccine distribution timeline.

Brent crude futures slid 1.6 percent at $62.91 per barrel (/bbl), US West Texas Intermediate crude futures tumbled 2.12 percent lower at $59.24/bbl.

PHOTOGRAPH COURTESY OF PSE INVESTORS have been closely monitoring whether the country will transition to modified general community quarantine in March, as local shares closed lower following the increasing bond yields which led to the reversal of market gains.