PSEi down 0.77% amid COVID-19 fears and Typhoon Ulysses

The Philippine Stock Exchange index (PSEi) experienced a decline of 0.77% on Friday, closing at 6,969.88 points, influenced by escalating COVID-19 concerns and the destructive impact of Typhoon Ulysses.

The All Shares index also saw a decrease of 0.47%, ending at 4,083.55 points, reflecting a broader negative sentiment in the market.

Sectoral performance was mixed, with Financials, Holding Firms, Industrial, and Services indices posting losses, while Property and Mining and Oil sectors managed to gain.

Investors were hesitant due to rising COVID-19 cases and their potential economic repercussions, alongside a cautious approach to assess the damage caused by Typhoon Ulysses.

The peso, however, remained stable, closing at 48.21 to the US dollar, with a trading volume of USD669.1 million.

Typhoon Ulysses caused significant flooding in Luzon provinces, including Metro Manila, drawing comparisons to the devastation of Typhoon Ondoy in 2009.