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PH stocks weaken

Local share prices weakened as new COVID cases remain high while the death rate is rising.

The main index shed 26.53 points or 0.41 percent to close at 6,518.64 with only the Financials counter inching up.

A total of 2.43 billion shares worth P5.97 billion changed hands as losers beat gainers 120 to 86 with 48 unchanged.

“Philippine shares closed lower in line with a healthy pullback from the 3-day uptrend to the 6,600 level. On top of this, active COVID-19 cases in the country continue to climb,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

“The MECQ, though less restrictive than the previous one, is still seen to weigh heavily on our economy due to the stringent limits it places on the productive capacity of the areas where it is imposed.“

AAA Equities Head of Research Chris Mangun said “The market ended slightly lower, mainly flat as investors remain unsure on where the market should go. The uncertainty on the pace of the economy’s recovery remains a major concern as new COVID-19 cases continue to rise.“

Mangun said “Clarity on the guidelines of current MECQ restrictions may be the reason why investors held back.”

Credit belongs to : www.mb.com.ph


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