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Market to continue tracking Covid cases

Investors are expected to remain cautious this trading week as they continue to track the Covid-19 pandemic situation in the country.

KYUSI PASS. A woman (2nd right) scans the QR code of the Kyusi #Pass at the entrance of a mall on Quirino Highway, Fairview, Quezon City while the security guard looks on Friday (Jan. 14, 2022). The mall management implements the “no vaccine card, no ID, no QR pass, no entry” policy inside the mall premises. (PNA photo by Ben Briones)

Philstocks Financial Inc. senior research analyst Japhet Tantiangco expects selling pressures to weigh on the Philippine bourse, given the market's 3.57-percent rebound last week.

The local stock barometer Philippine Stock Exchange index (PSEi) dipped 0.64 percent or 46.41 points to close at its intraday low of 7,261.34 on Friday, following its previous back-to-back rally.

Tantiangco noted, however, that the rally might not be sustainable yet as investors are seen to continue maintaining a cautious stance amid the country's pandemic situation.

“This is as economic losses are still mounting given that the Alert Level 3 restrictions have been extended in the National Capital Region and other key economic areas and have been implemented in more parts of the country,” he explained.

The government extended the Alert Level 3 status of Metro Manila until the end of the month as local Covid-19 cases remain heightened.

“Covid-19 cases are still on the rise, keeping the risk of tighter social restrictions at the table,” Tantiangco noted.

The Philippines logged another high of 39,004 Covid-19 cases on Saturday, raising the total to 3.168 million.

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