Update on Philippine Shares amid Intensified Fight Following Confirmed Delta Cases
PHILIPPINE SHARES – The Philippine Stocks Exchange Index dropped amid the worries about the Delta variant of COVID-19 in the country.
Many countries across the globe now are tightening their borders even more after what the Delta variant of COVID-19 did in India and Indonesia. Currently, the latter is experiencing another surge of coronavirus cases.
The Philippines is one of the countries that recorded cases of the Delta variant. The country is temporarily closing its borders to travelers from India, Indonesia, United Arab Emirates (U.A.E.), Bangladesh, Nepal, and several other nations hit by the variant of concern.
However, there is already a local transmission of the said variant in the Philippines now as confirmed by the Department of Health (DOH). President Rodrigo Roa Duterte previously warned that stricter protocols may be implemented again once another spike in the cases will take place.
The business groups are undeniably worried as well for another possible shut down of the economy in case the Delta variant won’t be contained. Prior to it, a business group was hopeful of a merrier holiday season in the country. MAP already expressed its hope that the economy won’t be shut down again and the measures would be able to contain the spread of the Delta variant.
visit: Business Group MAP Hopes PH Economy Won’t Be Shut Down Again
The Philippine shares are also affected by the threats of the Delta variant of COVID-19 in the country. Based on a report on ABS-CBN News, the Philippine Stocks Exchange Index (PSEI) dropped by 1.68% (110.99 PTS). A total of 45 advances and 167 declines were recorded.
Based on the report, the net foreign selling is at P572.26-M. Some analysts see the worries about the Delta variant in PH as one of the reasons why investors are hesitant to invest in the country.
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