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Stocks weaker on new concern over COVID

By James A. Loyola

The local stock market weakened yesterday on renewed concern over the continued spread of COVID-19.

The Philippine Stock Exchange index (PSEi) dropped 49.65 points, or 0.78 percent, to close at 6,297.78 with only the Financials and Mining & Oil counters advancing.

Volume was steady at 1.31 billion shares worth P7.31 billion as gainers edged out losers 103 to 98 with 45 unchanged.

“The PSEi closed lower as investors weighed optimism over a quick recovery for the domestic economy, or V-shaped rebound, against evidence of an acceleration of COVID-19 infections in half of all U.S. states and elsewhere in the world,” said Regina Capital Development Corporation Managing Director Luis Limlingan.


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/23/stocks-weaker-on-new-concern-over-covid/)

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