Philippines shares retreat on worries over new NCR curfew hours

Philippines shares bled on Thursday as investors unloaded positions amid concerns on the new curfew hours imposed in various cities in Metro Manila.

The bellwether PSEi shed 89.14 points or 1.31% to 6,719.18 at the closing bell. The broader All Shares lost 27.92 points or 0.69% to 4,050.43.

“Selling pressure picked up after curfews were imposed on different cities in Metro Manila,” AAA Equities head of research Chris Mangun said.

Metro Manila Council chairperson and Parañaque City Mayor Edwin Olivarez earlier announced that the best time for curfew in the National Capital Region to address the increasing number of COVID-19 cases is 10 p.m. to 4 a.m.

“Investors were reminded of the potential negative economic impact of these tighter restrictions,” Mangun said.

Foreign funds bought P1.458 billion shares and sold P2.267 billion for net selling position of P808.8 million.

More than 5.05 billion shares valued at P8.6 billion, changed hands. Advancers led decliners, 120 to 112, and 39 issues were unchanged.—AOL, GMA News