PSEi drops to 6,600 amid COVID-19 fears

The Philippine Stock Exchange Index (PSEi) dropped to the 6,600 level on Friday due to rising local coronavirus cases and concerns over liquidity issues in China.

On Friday, the PSEi fell by 3.49% to close at 6,612.62 despite a thin value turnover of P3.6 billion with heavy net foreign selling amounting to P3.13 billion.

The market decline was exacerbated by provinces reverting to stricter GCQ measures and the DFA head office being under lockdown due to positive cases among its officers.

On Wednesday, the PSEi also declined by 1.63% to close at 6,863.61 with heavy net foreign selling of P1.37 billion, making it the worst performer in emerging markets in the region.

Foreign funds have been flowing out for nine sessions due to rising daily case rates approaching 2,000 new cases per day.