PSEi drops 1.66% on COVID-19 fears

The Philippine Stock Exchange index (PSEi) declined by 1.66% on Friday, closing at 6,770.38 points, mirroring global market downturns driven by increasing concerns over the spread of COVID-19.

The rise in COVID-19 cases within the country, alongside fears of a global pandemic, has overshadowed positive economic news such as lower inflation, potential interest rate cuts, and reduced oil prices.

Market recovery is contingent on avoiding a global pandemic and the availability of a medical solution.

Foreign investors recorded a net outflow of P271.031 million.

Shares of Metro Pacific Investments Corp. (MPIC) rose 5.23%, becoming the day's most actively traded stock, following President Duterte's attendance at the inauguration of its North Luzon Expressway Harbor Link toll road project and the company's buyback program.