NextGen Day

The Philippine Stock Exchange index (PSEi) began the year with losses as global coronavirus disease 2019 (Covid-19) incidence increased, but the Philippine peso maintained its position against the US dollar.

To 7,041.27 points, the main stocks index fell 1.14 percent or 81.36 points.

The Dow Jones Industrial Average fell 1.05 percent, or 40.22 points, to 3,777.90.

The majority of sectoral indices likewise concluded the day in the red, with the Property sector leading the way with a 2.90 percent drop.

Financials came in second with 1.58 percent, followed by Services with 1.42 percent, Industrial with 0.83 percent, and Holding Firms with 0.06 percent.

Only the Mining and Oil sector gained during the day, with a 1.19 percent increase.

With 722.25 million shares trading for PHP4.26 billion, the volume was light.

At 141 to 66, decliners outnumbered advancers, with 40 shares remaining unchanged.

“Philippine shares began the first trading session in the red due to a recent surge in daily Covid-19 instances witnessed around the world, forcing investors to liquidate their positions,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

For example, new domestic Covid-19 cases rose to 4,084 on Monday, down from 4,600 the day before but far beyond the few hundreds seen in prior weeks.

Following an increase in the number of infections in the country following the Christmas vacation, officials in the National Capital Region (NCR) reverted to Alert Level 3 movement restrictions from January 3 to 15, 2021.

Face-to-face classes, contact sports, funfairs, and the operations of karaoke bars, clubs, concert halls, and theaters are prohibited under the said Alert Level; interzonal and intrazonal travels are subject to “reasonable restrictions; and people aged 18 and those bellowing to the vulnerable population are allowed to leave their homes for essential goods and services, as well as work.

The local currency, on the other hand, concluded the day at 51.00 to the US dollar, hardly altered from its previous closing of 50.999 on December 31.

It began trading at 50.97 and fluctuated between 51.00 and 50.95. For the day, the average level was 50.989.

The overall volume was USD588.7 million, up from USD586.35 million in the previous session.

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