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Stocks weaken after strong typhoon

The stock market ended lower on the last trading day of the week   on concerns over damages wrought by Typhoon Ulysses.

The Philippine Stock Exchange index (PSEi) dropped 54.38 points, or 0.77 percent, to close at 6,969.88 with only the Property and Mining & Oil counters in the green.

Volume remained hefty at 1.8 billion shares worth P10.77 billion as gainers still beat losers 119 to 85 with 54 unchanged.

“Local shares ended the week lower as investors continued to deal with the rising number of COVID-19 cases and its potential economic impact,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that,  “many investors remained on the sidelines to assess the damage brought about by Typhoon Ulysses. There was also concern that the Biden Administration will ask the US for a 4-6 week lockdown, to get the virus under control.”


Source: Manila Bulletin (https://mb.com.ph/2020/11/13/stocks-weaken-after-strong-typhoon/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-weaken-after-strong-typhoon)

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