The continual rise in coronavirus disease 2019 (Covid-19) cases negatively impacted anew investors’ sentiment, causing the main index to drop further on Tuesday. The bellwether Philippine Stock Exchange Index (PSEi) finished at its intraday low of 6,267.40 — down 0.96 percent or 61.01 points — while the wider All Shares shed 0.66 percent or 24.34 points to 3,677.83. Philstocks Financial Inc. research associate Piper Chaucer Tan said the market’s performance somehow hints that investors are not as optimistic towards the market. Meanwhile, he noted that the recent report of the Philippines’ June inflation rate did not cause much shock for Tuesday’s trading. He added that foreign outflows also dampened sentiment as the local bourse experienced a P2.51-billion net foreign selling during Tuesday’s trading session.

Source: Manila Times July 07, 2020 17:47 UTC