Philippine stocks fall amid rising COVID cases

Philippine stocks declined due to rising COVID-19 cases.

On Thursday, July 9, the PSEi dropped 92.92 points or 1.48% to 6,192.58 and the All Shares index fell 38.23 points or 1.04% to 3,645.52.

Market experts cited investor caution over surging infections and fears of stricter lockdown measures, which could hinder economic recovery in the third quarter.

On Tuesday, July 7, the PSEi lost 61.01 points or 0.96% to end at 6,267.40 with the All Shares index dropping 24.34 points or 0.65% to close at 3,677.83.

Experts noted that foreign fund outflows also contributed to the decline, with net foreign selling amounting to P649.665 million.