Philippine Stock Exchange

ECQ triggers panic selling in PSE, shares down 3.5%

Ralf Rivas
ECQ triggers panic selling in PSE, shares down 3.5%

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The Philippine Stock Exchange index falls 3.5% on Friday, July 30, as the government announces a stricter lockdown due to the Delta variant of COVID-19

The Philippine Stock Exchange index (PSEi) fell by 3.5% on Friday, July 30, as Metro Manila is set to revert to a stricter lockdown due to the spread of the Delta variant of COVID-19.

The properties sector suffered the most and fell by almost 5%, while holding firms and financials shed around 3%. The broader all shares index fell 2.7%.

The most actively traded stocks, namely SM Prime (-4.1%), Ayala Land (-6.7%), BDO (-3.95%), ICTSI (-2.7%), and AC Energy (-1.8%) shed value ahead of the ghost month of August, where companies usually hold off on business deals.

Year-to-date, the PSEi has fallen by over 12%.

Decliners led advancers, 159 to 47, while 42 were unchanged.

A total of 97,752 trades were conducted on Friday, bringing total volume to 1.8 billion valued at P6.27 billion.

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Metro Manila placed under ECQ from August 6 to 20

Metro Manila placed under ECQ from August 6 to 20

Metro Manila will return to enhanced community quarantine or ECQ from August 6 to 20, with a period of additional restrictions the week before, to prepare for a possible surge in COVID-19 cases due to the Delta variant.

The Philippine economy is set to lose at least P105 billion for every week the country reverts to stricter lockdown measures amid the threat of the COVID-19 Delta variant in the country, according to Socioeconomic Planning Secretary Karl Chua.

ECQ means only essential establishments and industries will be allowed to operate. Hospitals, groceries, courier, and delivery services will remain fully operational.

Banks, veterinarian clinics, telecommunications, power and energy, internet services, water and sanitation services, business process outsourcing, manufacturing companies, and suppliers for construction works can operate with a skeleton workforce. – Rappler.com

Ralf Rivas

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