Share prices on the Philippine Stock Exchange capped the week on a soft note on Friday, dragged by concerns over rising COVID-19 cases and souring relations between US and China.
The bellwether PSEi shed 25.75 points or 0.43% to 6,003.26 at the closing bell. The broader All Shares lost 7.01 points or 0.20% t0 3,533.01.
“COVID-19 concerns and worries over the rising US-China tension sent the local market together with its regional peers lower,” Philstocks Financial said in a market commentary.
The United States has told China to close its consulate in Houston, both countries said, further deteriorating bilateral ties, and a source said Beijing was considering shutting the US consulate in Wuhan in retaliation, according to a report by Reuters.
In the Philippines, COVID-19 cases reached 76,444 with 2,103 new infections on Friday.
The continuous rise in confirmed cases sends jitters in the market as this may trigger another strict lockdown, wherein most businesses will be closed once again.
Presidential spokesperson Harry Roque said Metro Manila may revert to modified enhanced community quarantine (MECQ) if the number of COVID-19 cases in the country reaches 85,000 by July 31.
More than 1.312 billion shares valued at P2.944 billion, changed hands. Decliners led advancers, 93 to 91, and 46 issues were unchanged.
Source: TED CORDERO, GMA News
Source: Peso Economics
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