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Traders and investors alike are currently fearful of the current market situation. The Blue chip index opened with a gapped down measure and dropped again by as much as 2.7% during the trading hours causing sell off shares from the market.

 It managed to comeback up but still reeling from a loss of 1.5%. The market has been very cautious for the past few days of trading and majority of the stocks are nearing the oversold region. Blue chip stocks were sold off today

1. BLOOM-5.74%

2. RLC-4.84%

3. DMC-4.19%

4. ALI-3.94%

5. MBT-3.56%

6. AC-3.31%

7. MPI-3.17%

8. ICT-2.99%

9. SMPH-2.72%

10. AEV-2.46%

11. SECB-1.75%

Prevailing news coming from OCTA research group cautioning the government to implement again heightened restrictions, as it fears resurgence of the Delta Variant in National capital region. According to the independent research group,

“The surge could be comparable to the March surge pero, we think that the level of vaccination will help mitigate the surge,” “There is no surge yet. We’re projecting that if the Delta variant is able to come in the region, the surge that we might see could be comparable to the March surge.” OCTA Research fellow Guido David said during online briefing.

“Makakatulong sila against severe infection of the coronavirus. Pero pwede tayong maging carrier. Kailangang proteksyunan ‘yung di pa vaccinated so dapat sumunod sa health protocols”

Foreigners became net sellers with a traded net foreign value of -362.2M

Major Asian indexes are reflecting same sentiment