Philippine News Agency
Stocks, peso slip anew as Covid-19 cases rise further
The Philippine Stock Exchange index (PSEi) dropped by over 2 percent on Monday, influenced by growing concerns over the global spread of the coronavirus disease 2019 (Covid-19), closing at 7,187.44 points.
By Wednesday, the PSEi further declined to its lowest level for the year at 6,909.84 points, down by 3.86 percent or 277.60 points, due to additional Covid-19 cases reported in more countries.
All sub-indices of the local stock market experienced declines, with Industrial posting the biggest drop at 4.42 percent.
US's Centers for Disease Control and Prevention (CDC) warned of a further rise in Covid-19 cases, impacting global markets.
In contrast to the stock market's downturn, the Philippine peso remained relatively stable on Monday, closing at 50.96 to a dollar.
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