PSEi snaps 3-day rally amid rise in new COVID-19 cases

Philippine shares snapped a three-day winning streak on Friday as the recent rise in new COVID-19 cases to record-highs compelled investors to offload stocks.

The bellwether PSEi shed 36.37 points or 0.55% to 6,544.63 at the closing bell. The broader All Shares lost 9.04 points or 0.23% to 3,967.79.

“Philippine shares closed lower as the number of COVID-19 cases in the country reached an all-time high yesterday,” Regina Capital Development head of sales Luis Limlingan said.

On Thursday, new cases surged to a new all-time high of 8,773, marking the second time that new infections breached 8,000 level since the pandemic began. 

Also, on Friday, the Philippines recorded a new record-high of 9,838 new COVID-19 infections, bringing the total tally to 702,856. 

More than 4.91 billion shares valued at P6.276 billion, changed hands. Advancers led decliners, 101 to 92, and 49 issues were unchanged.