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Potential Return to a Stricter Shutdown Worries Market

  • PSEi dropped below 6,300 on Tuesday due to strict lockdown fears.
  • The PSEi continues to shift in the opposite direction of most global markets.
  • The Philippine Stock Exchange Index or PSEi lost 61.01 points, or 0.96%, to close at 6,267.40 on foreign investors’ intensified selling.
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On Tuesday, PSEi dropped below 6,300 on escalating fears that increased local coronavirus infection would cause a return to strict lockdown protocols.

The Philippine Stock Exchange Index or PSEi lost 61.01 points, or 0.96%, to close at 6,267.40 on foreign investors’ intensified selling.

The PSEi continues to shift in the opposite direction of most global markets, according to Christopher Mangun, head of research at AAA Equities, as investors consider the risk of re-implementing tighter lockdown restrictions as new COVID-19 cases grow.

“A pickup in foreign outflows also dampened the sentiment. We may see the main index move lower and test support at 6,040 in the coming days,” Mangun added.

Net foreign selling in the market for the day was worth P2.51 billion. Value turnover stood at P7.59bn. Despite the decline of the PSEi, there were 99 advancers outnumbering 96 decliners, while 47 stocks remained unchanged.

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