PSEi down on worries over global spike in COVID-19 cases

Share prices on the Philippine Stock Exchange retreated on Tuesday as concerns over rising cases of COVID-19 globally sent jitters through the local market.

The bellwether PSEi shed 49.65 points or 0.78% to 6,297.78 at the closing bell. The broader All Shares lost 21.18 points or 0.57% to 3,685.72.

“Pandemic worries following the WHO’s warning that the coronavirus spread is accelerating sent the local bourse lower,” Philstocks Financial said in a market close report.

The World Health Organization (WHO) over the weekend reported a record increase in global coronavirus cases, a record of over 183,000 cases in a 24-hour period.

“The PSEi closed lower as investors weighed optimism over a quick recovery for the domestic economy, o V-shaped rebound, against evidence of an acceleration of COVID-18 in half of all US states and elsewhere in the world,” Regina Capital Development head of sales Luis Limlingan said.

More than 1.312 billion shares valued at P7.313 billion, changed hands. Advancers led decliners, 103 to 98, and 45 issues were unchanged. — BM, GMA News