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Stocks tumble on record COVID cases

By James A. Loyola

The local stock market fell sharply yesterday on concern over rising cases of COVID-19 even as economies try to recover.

The Philippine Stock Exchange index (PSEi) tumbled 108.95 points, or 1.73 percent, to close at 6,188.83 with only the Mining & Oil sector advancing.

Volume was lower at 3.8 billion shares worth P6.64 billion with losers beating gainers 121 to 83 as 33 were unchanged.

“Local shares closed lower towards the ends of trading as improving economic data was offset by the ability of the U.S. to respond to rising COVID-19 cases,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Locally, grown investors worried over the highest number of reported cases in a day.


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/24/stocks-tumble-on-record-covid-cases/)

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