PSEi falls as new COVID-19 cases hit record highs

Philippine shares closed lower on Friday, snapping a three-day winning streak amid record-high COVID-19 cases.

The PSEi dropped by 0.55% to end at 6,544.63 points, while the All Shares index fell by 0.23%.

On Thursday, new cases surged to an all-time high of 8,773; on Friday, a new record-high of 9,838 infections was reported.

Investors were concerned that higher infection rates could prompt stricter government restrictions to contain the virus.

The peso remained stable against the US dollar at 48.49 from 48.48 a day earlier.