COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

STOCKS dropped after a shortened Christmas Eve trading session on profit taking and amid concerns over rising coronavirus disease 2019 (COVID-19) cases in the country’s capital.

The Philippine Stock Exchange index (PSEi) went down by 66.19 points or 0.91% to 7,181.86 on Friday, while the broader all shares index decreased 16.19 points or 0.42% to 3,882.26.

“Market dropped on profit taking and news of upticks in Metro Manila COVID-19 cases with the so-called positivity rate higher in the past two days which is due to prevalent social gatherings during the holiday season,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

Metro Manila recorded 15 new COVID-19 cases on Thursday from the 95 additional infections the previous day. The Wednesday level was almost double the 47 cases tallied on Dec. 21.

“Some investors were also on the sidelines preparing for the holiday, with net market value turnover registering at P1.72 billion only, way lower than this month’s average of P7.20 billion,” Philstocks Financial, Inc. Senior Research and Engagement Officer Claire T. Alviar said in a Viber message.

Ms. Alviar also noted that the shortened session could have affected trading. The stock market closed at 12:10 p.m. on Friday versus the usual 3:00 p.m. finish as it was Christmas Eve.

Sectoral indices dropped except for mining and oil, which gained 64.48 points or 0.7% to 9,223.42.

On the other hand, holding firms declined 85.01 points or 1.2% to 6,973.50; property decreased 33.28 points or 1.03% to 3,191.92; services retreated 13.02 points or 0.65% to 1,979.70; financials lost 10.18 points or 0.63% to end at 1,603.55; and industrials fell 23.10 points or 0.22% to 10,385.83.

Value turnover declined to P2.106 billion with 3.28 million shares traded on Friday from the P4.61 billion with 851.10 million issues that switched hands on Thursday.

Advancers narrowly beat decliners, 84 against 81, while 39 names closed unchanged.

Net foreign selling was at P28.68 million versus the P282.34 million in net purchases seen the previous trading day.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort put the PSEi’s immediate support at 7,000 to 7,040, while resistance is at the 7,200 to 7,260 levels. — M.C. Lucenio

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