Update on Philippine Shares amid the COVID-19 Pandemic
PHILIPPINE SHARES – The Philippine Stocks Exchange Index (PSEI) rose following a deep drop recorded last Monday.
The economy of several countries greatly suffered from the demands of the COVID-19 pandemic. Many businesses cannot operate in full capacity in accordance to the protocols implemented to prevent the spread of the coronavirus disease.
In fact, many businesses closed amid the crisis. They were not able to cope with week-long if not month-long lockdowns. They incurred expenses in rent with no income. Many employees lost their jobs too amid the crisis.
The Philippines is one of the countries dealing with the COVID-19 pandemic now. Its economy is greatly suffering that, according to President Rodrigo Roa Duterte, another lockdown may result to “irreversible damage” to the economy already.
Aside from businesses being unable to operate at a full capacity, investments were also affected in the country. Experts believe that investors are having second thoughts due to the situation now.
The Philippine shares even recently recorded a series of drop. As to analysts, it may be due to the worries over the possible spread of the Delta variant of COVID-19 in the country. It was already confirmed by the Department of Health (DOH) that local transmissions were detected.
Last Monday, Pres. Rodrigo Roa Duterte delivered his final State of the Nation Address (SONA). Investment veteran Joey Roxas believe that it has affected the Philippine shares which got a rebound after a deep drop last Monday. According to Roxas, it might be a result of the President only repeating the things he said the previous months amid the people expecting him to lambast more businesses.
Based on a report on ABS-CBN News, with a 2.35% increase, the Philippine Stocks Exchange Index (PSEI) rose back to 6,522.58. The “all shares” record is currently at 4,039.75%.
Furthermore, the record states that the total value is at Php 4.304 billion. A total of 1155 advances and 43 declines were recorded.
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