MANILA – Increase in coronavirus disease 2019 (Covid-19) cases overseas continue to worry investors, resulting in the negative close of the local main equities index and further weakening of the peso on Friday.
The Philippine Stock Exchange index (PSEi) lost by 1.30 percent, or 90.07 points, to 6,834.92 points.
All other counters tracked the main index, with the All Shares down by 0.94 percent, or 40.12 points, to 4,234.54 points.
Holding Firms registered the biggest drop at 1.54 percent and was trailed by the Mining and Oil, 1.43 percent; Services, 1.26 percent; Property, 1.23 percent; Financials, 1.17 percent; and Industrial, 0.44 percent.
Volume reached 1.77 billion shares amounting to PHP8.42 billion.
Losers led gainers at 153 to 59 while 43 shares were unchanged.
“Philippines shares continued to fall as fresh Covid-19 cases are being logged in some countries,” said Luis Limlingan, Regina Capital Development Corporation head of sales, citing this performance was also seen in other Asia Pacific bourses.
He said the latest announcement by the Japanese government for another state of emergency in Tokyo until August 22, or during the duration of the Olympics, “stoked investor concerns that global economic recovery would be stalled.”
Meanwhile, the peso ended the week at 50.08 against the US dollar from the previous day’s 49.875.
It opened the day at 50.1 and traded between 50.17 and 50.00.
The average level for the day stood at 50.083.
Volume reached USD859.7 million, down from USD1.13 billion in the previous session. (PNA)
