The stock market tumbled back to the 5,500 territory to end the shortened trading week on Wednesday as investors withheld their cash amid the coronavirus disease 2019 pandemic and the government-imposed Luzon-wide lockdown.
Philstocks Financial Inc. research associate Piper Chaucer Tan said the exchange had a “weak participation” due to the shortened trading week.“Investors [have been] keeping in cash [from] this volatile market, as shown in the weaker value turnover… Due to [the] enhanced community quarantine, the market has been averaging 6.3 billion, and today’s session only registered 4.1 billion,” Tan explained.
First Grade Finance Managing Director Astro del Castillo agreed, saying “investors are taking a pause considering the long holiday. It’s the last day of trading for the week; nobody would want to be caught in a long lull, especially given the uncertainty.”Regina Capital Development Corp. head of sales Luis Limlingan said “investors sold ahead of the long weekend as news of an additional $1-trillion stimulus from the US was priced in the day before.
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