Philippine stocks edge up amid pandemic concerns

The Philippine stock market saw a slight increase on Friday due to last-minute buying in thin trade amid regional investor caution regarding the COVID-19 pandemic.

The PSEi closed up 0.09% at 5,346.97, while most regional markets ended lower.

For the week, the PSEi gained 80.35 points or 1.5%. Papa Securities noted that local COVID-19 cases and potential lockdown extensions could dampen sentiment.

On Wednesday, the market advanced to 5,408.52 with a gain of 1.64%, driven by domestic investors welcoming the Bayanihan Act which provides emergency subsidies to low-income households.