The local stock barometer failed to ride on the upswing seen elsewhere in the region on Monday. | Philbizwatcher
The main-share Philippine Stock Exchange index shed 24.81 points, or 0.4 percent, to close at 6,172.57 as foreign investors continued to dump local stocks while domestic COVID-19 cases breached the 56,000 mark.“Local shares closed lower on refreshed pandemic fears, and with investors looking ahead to the US earnings season,” said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development Corp.
“Moreover, it is reported that the United States is planning to make an announcement this week related to escalating tensions in the South China Sea,” Limlingan also noted.At the local market, the PSEi was weighed down most by the financial, holding firm and property counters, which all slipped by less than 1 percent.On the other hand, the mining/oil counter added 1.26 percent, while the industrial and services counters also firmed up.Value turnover for the day was thin at P4.64 billion.
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