China’s Covid death spawns new jitters
China’s first Covid death in six months sparked fears officials would reimpose strict, economically painful restrictions to fight outbreaks across the country
China’s first Covid death in six months sparked fears officials would reimpose strict, economically painful restrictions to fight outbreaks across the country
The local bourse dropped by 34.14 points to 6,403.24 on Monday, 0.53 percent lower than last week's close as investors took some profits and worries grow about the resurgent Covid infections in China.
Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar noted despite the decline, the index still managed to stay above the 6,400 resistance line.
"Moreover, the BSP's expectation that economic growth may slow down in the next two years amid internal and external headwinds, and monetary tightening, weighed on sentiment," she said.
For Luis Limlingan, head of sales at Regina Capital Development Corp., the decline was "a breather after successive sessions of trading in the green last week, with a shortened trading week ahead for Wall St."
Net market value turnover was at P5.45 billion.
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Sectors were mixed — Properties and Holdings ended in the red, declining 2.14 percent and 0.89 percent, respectively. Industrials, on the other hand, gained the most by 0.62 percent.
Among index members, Semirara Mining and Power Corporation was the top winner, gaining 4.75 percent. Ayala Land Inc. was at the bottom after losing 5.39 percent.
'Two steps back'
Asian markets fell as well, as China's first Covid death in six months sparked fears officials would reimpose strict, economically painful restrictions to fight outbreaks across the country.
The news threw a spanner in the works for investors who had grown hopeful of a gradual reopening after China eased several virus-fighting measures this month.
The death of an 87-year-old man in Beijing on Sunday came as infections across the country spiked, testing authorities' plans to loosen their grip by lowering quarantine times for foreigners and canceling mass tests.
Beijing has in recent days moved to confine some residents to their homes and ordered others to quarantine centers.
"It feels like one step forward, two steps back," said Willer Chen, at Forsyth Barr Asia.
