PH Shares Drops Again amid Delta Variant Worries
PH SHARES – The Philippine stock exchange index dropped again on its 3rd weekly loss amid the concerns about the COVID-19 Delta variant.
Currently, the Philippines is implementing travel bans again following what the Delta variant of COVID-19 did in several other countries abroad. In India, it was considered a factor in the massive spike in the coronavirus cases in the country.
Hospitals in India reached their full capacity to the point that it ran out of resources for the treatment and many patients cannot be accommodated anymore. A lot of people in the country died of coronavirus.
Indonesia and several other countries are also experiencing a spike in the COVID-19 cases now due to the Delta variant. It is considered as a variant of concern because of its higher transmissibility.
The Philippines is currently implementing travel bans on travelers from India, Indonesia, Bangladesh, Nepal, Oman, United Arab Emirates (UAE), and Sri Lanka. The national government also added on the list Malaysia and Thailand which begins on July 25, 2021 until July 31, 2021.
The Department of Health (DOH) confirmed a local transmission of the Delta variant in the Philippines. It alarmed hospitals and urged them to prepare even more for a possible spike in the COVID-19 cases again. The hospital group already cited their concern over PhilHealth COVID-19 claims that have yet to be paid by the public agency.
Amid the concerns over the possible spike of the COVID-19 Delta variant in the Philippines, the PH shares continue to drop. Experts believe that the current situation makes investors hesitant over their money. Businesses hope that the economy won’t be shut down again.
Based on a report on ABS-CBN News, PH shares fell its 3rd weekly loss to 6,520.74 (0.85%). A 2.58% drop by the week was recorded. According to BPI Securities President Haj Narvaez, the excellent picks now are on stocks with bright recovery prospects. As for him, he would check on stocks of Ayala Land and banks.
Reportedly, BPI Securities eye that the Philippine Stocks Exchange Index (PSEI) will finish this year at 7,400 level. More updates may be posted soon.
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