Market analysts from Philstocks Financial delivered their overall outlook. Their perspective described the Philippine stock market during the start of this week.
The market professionals relayed that the Philippine Stock Exchange concluded Monday by finding itself still treading the negative territory.
The Philstock Financial market analysts explained that this latest scenario was highly because of the ongoing coronavirus pandemic impacting the world.
The outbreak of the disease that changed from an epidemic to a pandemic, indeed, ruled the latest market sentiments, the financial observers said.
Philippine daily newspaper The Philippine Star reported that the coronavirus dilemma has now spread to 28 nations around the world.
Furthermore, the confirmed cases of the deadly disease, also known as COVID-19, have already reached 89,083.
News outlets worldwide reported that the number of people who had passed away due to coronavirus has now totaled to 3,057.
With these latest reports, the traders in the local stock market affirmed that the trading session yesterday demonstrated the overall sentiments of market investors.
The latter mainly exhibited fear, they said. The traders pointed out that these affected capitalists continue to feel frightened of the detrimental effects of the coronavirus disease.
Earlier on Monday, the traders spotted some bargain-hunting endeavors. Nonetheless, they remarked that these measures were insufficient.
This fact is because bargain-hunting could not persuade the market investors to keep their funds invested in the Philippine stock market for more extended periods at all, the traders explained.
With the paranoia that these latest events relating to the coronavirus reportedly caused, the Philippine stock market went on a retreat yesterday.
For most of the trading day, it was demonstrating upswings. However, the updates regarding the fast dissemination of the coronavirus disease have continued to overpower the markets.
During the beginning of this week, the Philippine stock market’s primary point of reference, the Philippine Stock Exchange index (PSEi), carried on losing strength.
The PSEi lost 0.57 percent. This rate translates to casting off of 38.63 points. Hence, the benchmark of the local stock market ended at 6,749.28.
With the rapid spread and fatal impacts that the coronavirus ailment has caused, most of the stock market indices showed that they were on a downtrend as well.
The property sector, nonetheless, is not a part of this movement. Moreover, the more comprehensive All Shares measurement lost its grip of a total of 20.63 points.
These figures translated to a loss of 0.51 percent. Meanwhile, the total value turnover totaled to P6.5 billion.
As for the breadth of the market, it indicated numbers in the negative as well. Sixty-nine were gainers, while 129 were losers.
Besides, the change amounting to nil went to 46 issues.
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