Philippine stocks fall amid Delta variant worries

Philippine stocks closed lower on Wednesday due to concerns over the Delta variant of COVID-19 and a downgrade in economic growth forecasts.

The PSEi dropped by 54.74 points or 0.78%, ending at 6,901.91, while the broader all shares index fell by 17.79 points or 0.41% to close at 4,244.58.

Investors are on a wait-and-see stance regarding the Delta variant and its impact on cases in several countries.

Two sectoral gauges gained: Mining and Oil (0.92%) and Services (0.50%), while Property posted the highest drop with 1.75%.

The peso also weakened against the US dollar, ending at 48.8 compared to its previous session's close of 48.5.