PSEi falls for third day on virus concerns

The Philippine Stock Exchange index (PSEi) declined for a third consecutive day on Friday, closing at 6,003.26 due to rising COVID-19 cases and tensions between the US and China.

Philstocks Financial noted that market investors were awaiting President Duterte's SONA on July 27th for economic policy cues.

The Philippine government hinted at a possible return to stricter lockdowns if total cases reach 85,000 by July 31st, causing concern among traders.

On Friday, the Philippines reported over 2,100 new COVID-19 infections, bringing the national tally to 76,444 cases.

Presidential spokesperson Harry Roque warned that Metro Manila may revert to modified enhanced community quarantine (MECQ) if case numbers continue to rise.