PSEi slips as COVID-19 Delta variant spreads

The Philippine Stock Exchange index (PSEi) fell by as much as 2.7% on Monday, July 19, as the Delta variant of COVID-19 continued to spread globally.

The PSEi managed to temper losses and closed 1.6% lower, with all subindices in the red. Properties led the decline, falling 3%.

A total of 159 companies saw their stock prices fall, 43 posted gains, while 48 were unchanged.

As of Monday, three Filipinos have died due to the Delta variant. So far, 35 cases have been recorded in the Philippines.

Total COVID-19 cases in the country breached 1.5 million last Saturday, July 17.

Luis Limlingan of Regina Capital added that aside from the Delta variant, investors sold ahead of the Eid'l Adha holiday on Tuesday, July 20, when trading will be closed.

Meanwhile, western investors are tuned in to the release of economic indicators this week, like housing data and the purchasing managers' index. –

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.