Philippine stocks fall amid rising COVID-19 concerns

The local market closed lower on Thursday due to investor concerns over rising COVID-19 cases and economic uncertainties.

On Thursday, the PSEi dropped by 70.57 points or 1.14% to close at 6,118.26, while the broader all shares index fell by 42.45 points or 1.16%.

Investors are worried that the country's COVID-19 cases may increase following reports of rising infections in the United States.

On Tuesday, local shares also ended lower with the PSEi falling 49.65 points or 0.78% to 6,297.78 due to fear over rising COVID-19 cases.

Investors are weighing optimism about a quick economic recovery against evidence of accelerating infections in half of all US states and elsewhere globally.