The Philippine Stock Exchange Index closed at 5,715.92 down 212.53 points or 3.59 percent today, August 3, 2020.
The stock market was devastated by the worst one-day collapse after President Duterte approved the return of the Metro Manila, Laguna, Cavite, Rizal, and Bulacan under the stricter modified enhanced community quarantine (MECQ) from Aug. 4 to 18.
The market is still expected to evoke defensiveness as it welcomes the ghost month.
Metro Manila, the epicenter of the contagion in the country, has been under GCQ since June 1 — a government gamble to gradually reopen the economy to pump life into the pandemic-hit economy.
Medical frontliners urged the government, however, to revive the strict lockdown in Metro Manila for the next two weeks, saying a “timeout” would be needed to prevent the collapse of the health care system amid the continuous surge in coronavirus infections.
The frontliners also called for the adoption of comprehensive and effective measures to contain the outbreak as the health care system was already overwhelmed.
On Sunday, the Department of Health reported 5,032 new cases of COVID-19, bringing the country’s total caseload to 103,185. It is considered the highest single-day jump on record in the country.
More than half or 55,808 of the total infections nationwide are in Metro Manila.
The country’s death toll climbed to 2,059 while the recoveries reached 65,557.
Source: Peso Economics
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