Manila Bulletin

Stocks fall anew on global COVID surge

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The local stock market dropped yesterday following losses in US bourses on concern over the surge in COVID19 cases worldwide. The Philippine Stock Exchange index (PSEi) lost 61.03 points, or 0.94 percent, to close at 6,439.39 although the Services sector managed to advance. Volume remained thin at 3.46 billion shares worth ₱5.37 billion as gainers actually outnumbere­d losers 108 to 92 with 52 unchanged. “Philippine stocks slipped anew as regional COVD-19 cases continue to pile up around the world,” said Regina Capital Developmen­t Corporatio­n Managing Director Luis Limlingan. He noted that, “Another round of better-than-expected earnings did little to push benchmarks up. Equity prices retreated from recent highs amid concerns that India will impose coronaviru­s-related restrictio­ns as well.” Philstocks Research Associate Claire Alviar said “The local bourse declined along with regional peers following the drop of the US markets overnight as concerns over the rising Covid-19 cases globally weighed on sentiment.” She added that, “the restrictio­n of the US on traveling to the Philippine­s weighs further on sentiment.” (James A. Loyola)

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