Stocks close week in the red

The Philippine Stock Exchange index (PSEi) ended the week lower as investors worry over the impact of the pandemic on the global economy. The main index lost 39.86 points, or 0.67 percent, to close at 5,898.47 with index stocks leading the decline while small caps and second liners did better. Volume was higher at 4.89 billion shares worth R5.64 billion as gainers beat losers 118 to 89 with 46 unchanged. “The local bourse finished lower as fiscal stimulus headlines continue in the backdrop on top of new COVID-19 fears contributing to risk-off sentiment whilst initial US jobless claims came in higher than expectations,” said Regina Capital Development Corporation Managing Director Luis Limlingan. Philstocks Financial Senior Analyst Japhet Tantiangco said “the market today suffered a second straight weekly loss as investors are still on the sideline.” (James A. Loyola)