Philippine stocks may decline on record virus cases

Philippine stocks may decline this week due to investor caution over record coronavirus cases.

On Friday, the PSEi dropped 85.29 points or 1.26% to close at 6,633.22, while the all shares index fell by 0.43%.

Despite weekly gains of 313.03 points for the PSEi, market participants took profits before the weekend due to rising Delta variant cases and fears of continued case increases.

Timson Securities' Darren Blaine T. Pangan noted that positive corporate earnings results and remittance reports had boosted sentiment earlier in the week but caution returned as Delta infections rose.