PSEi closes lower amid COVID-19 concerns

The Philippine Stock Exchange index (PSEi) closed lower on Tuesday due to concerns over rising COVID-19 cases despite better-than-expected second-quarter GDP data.

Timson Securities and Philstocks Financial analysts noted that market sentiment was dampened by the ongoing ECQ in Metro Manila and nearby provinces, with bargain hunting late in the day trimming losses.

On Friday, the PSEi had inched down slightly but showed a weekly gain of 4.30%, supported by positive corporate reports and foreign net flows amounting to PHP 397.61 million.