Stocks in red amid cautious sentiment

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The main index continued its marginal decline on Tuesday as investor sentiment remained cautious.

The benchmark Philippine Stock Exchange index (PSEi) slipped 0.16 percent, or 10.13 points to close at 6,359.15, while the wider All Shares declined by 0.41 percent, or 16.18 points to finish at 3,906.82.

AAA Equities head of research Christopher Mangun said the sentiment remained “generally cautious” and noted that the weak sentiment is “a result of exhaustion from investors.”

“The resurgence of Covid-19 (coronavirus disease 2019), which led to the back and forth on restrictions, underlined the high risk of uncertainty, which makes it difficult to make accurate projections of the next three to six months,” Mangun said.

He added that most investors are currently staying on the sidelines as they wait for a clearer signal that the local situation would not get any worse.

The Philippines logged 5,683 new Covid-19 cases on Tuesday, bringing the total to 1,067,892.

“We may see prices bounce back toward the end of the week as some traders take advantage of the lower prices,” Mangun noted.

Only the banks survived among local sectors at 0.27 percent, while the decliners were led by the mining and oil index at 2.29 percent.

Total volume turnover was at 3.19 billion shares valued at P4.63 billion.
Losers edged out winners at 149 to 57, while 43 securities were unchanged.


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