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PSEi down on tempered recovery hopes due to rising COVID-19 cases

Philippine shares closed in the red on Wednesday as investors pulled out funds as hopes for an economic recovery were weighed by continued rise in COVID-19 cases in the country.

The bellwether PSEi shed 108.95 points or 1.73% to 6,188.83 at the closing bell. The broader All Shares lost 42.29 points or 1.15% to 3,643.43.

“The tempered economic recovery hopes amid the intensified rise in local coronavirus cases sent the local market lower today,” Philstocks Financial said in a market close report.

On Tuesday, the Department of Health reported a record-high 1,150 new infections—789 “fresh” or newly validated and 361 reported late—bringing the total to 31,825.

The DOH also logged the highest number of fresh cases on Tuesday, 207 of which are from Metro Manila, 288 are from Region VII, while the remaining 294 are spread out across the country.

More than 3.797 billion shares valued at P6.642 billion, changed hands. Decliners led advancers, 121 to 83, and 33 issues were unchanged.—AOL, GMA News