NextGen Day

MANILA, Philippines — On Wednesday, concerns over the rising number of coronavirus disease 2019 (Covid-19) cases in China and their worldwide economic implications weighed heavily on the local major stocks index, while the peso strengthened against the USD.

To 6,863.91 points, the Philippine Stock Exchange index (PSEi) fell 1.66 percent, or 116.11 points.

The Dow Jones Industrial Average fell 1.40 percent, or 52.06 points, to 3,660.33 points.

The main index was followed by all sectoral counters, with the exception of Mining and Oil, which plummeted 3.78 percent.

Property came in second with 2.16 percent, followed by Holding Firms with 2.12 percent, Financials with 1.34 percent, Services with 1.30 percent, and Industrial with 0.73 percent.

With 816.5 million shares trading hands for PHP8.78 billion, volume was light.

At 138 to 49, decliners outnumbered advancers, with 43 shares remaining unchanged.

“Global economic downturn fears, fueled by growing Covid-19 cases in China, a high inflationary climate, and a remark from a top Russian official that the prospect of nuclear war is genuine,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Following the outbreak last week, further lockdown precautions have been deployed in Beijing, as well as mass testing via throat swab tests.

The peso rose against the US dollar, closing the day at 52.12, up from 52.25 the day before, amid risk-off mood on the local stock exchange.

It opened flat at 52.35 and traded in a range of 52.375 to 52.37.

For the day, the average level was 52.261.

Volume was USD1.65 billion, up from USD1.5 billion in the previous session.

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