Worries over rising COVID-19 cases send local stocks down

The continuous spike in confirmed COVID-19 cases in the country sent jitters in the local market as Philippine shares closed in the red on Thursday.

The bellwether PSEi shed 92.92 points or 1.48% to 6,192.58 at the closing bell. The broader All Shares lost 38.23 points or 1.04% to 3,645.52.

“The PSEi resumed its decline as investors remained cautious amid surging coronavirus cases,” AAA Equities head of research Chris Mangun said.

On Wednesday, the Philippines reported an all-time high 2,539 COVID-19 cases, bringing the total to 50,359.

The continued rise of infections triggered worries among market players that a reimposition of stricter lockdown measures is at hand.

“[This] will eliminate hopes of an economic rebound in the third quarter,” Mangun said.

The pull-out of foreign funds also contributed to the decline as net foreign selling stood at P649.665 million.

More than 1.423 billion shares valued at P5.091 billion, changed hands. Decliners led advancers, 104 to 87, and 39 issues were unchanged.—AOL, GMA News