MANILA – Concerns about the resurgence of coronavirus disease (Covid-19) in Europe dampened investors’ sentiment resulting in the negative close of the Philippines’ main equities index and the weakening of the peso.
The Philippine Stock Exchange index (PSEi) shed 0.26 percent, or 15.04 points, to 5,894.28 points.
All Shares contracted by 0.14 percent, or 4.84 points, to 3,543.93 points.
Most sectoral indices also tracked the PSEi, led by the Financials, which declined by 0.76 percent.
Property followed with a drop of 0.64 percent, as well as the Industrial, 0.20 percent; and Mining and Oil, 0.11 percent.
Services rose by 0.11 percent and Holding Firms by 0.07 percent.
Volume reached almost 4.4 billion shares amounting to PHP4.63 billion.
Losers led gainers at 105 to 86, while 46 shares were unchanged.
“Philippine shares weakened amid concerns about the Covid-19 trajectory in Europe and illegal money movement by major global banks,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
UK authorities are considering another lockdown after Covid-19 cases rose anew.
A similar situation is being observed in several other countries in Europe while the US is expected to experience another cycle due to the fall and winter seasons.
Meanwhile, a New York report, citing data acquired by BuzzFeed News, said major banks allegedly helped suspected terrorists, drug dealers, and corrupt officials in moving trillions worth of US dollars worldwide despite flagging as suspicious activities the transactions made through their banks.
The report said data obtained by BuzzFeed News show that over 2,100 suspicious activity reports have been filed by major banks like JPMorgan Chase, Citigroup, Bank of America, HSBC, Deutsche Bank, and Standard Chartered with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
These transactions amount to over USD2 trillion and were processed between 1999 and 2017.
At home, the risk-off sentiments in the local bourse affected peso trading during the day after the unit depreciated to 48.46 to a US dollar from the previous day’s close of 48.365.
Its weakness showed early on after the local currency opened the day at 48.46 from 48.38 start in the previous session.
It traded between 48.49 and 48.415, resulting in an average of 48.449.
Volume totaled to USD548.8 million, lower than day-ago’s USD662.83 million. (PNA)
