Philippine stocks fall amid rising virus cases and GDP contraction

Philippine stocks closed lower on Friday as investors sold off due to rising COVID-19 cases and stricter lockdown measures.

The PSEi fell 3.49% to end at 6,612.62, while the all shares index dropped 2.45% to close at 4,007.33.

Investors were concerned about sustained foreign outflows and uncertainty over vaccine rollouts, leading to a significant sell-off on large value turnover.

On Thursday, stocks also declined following the release of data showing the economy shrank by 9.5% in 2020, with GDP contracting by 8.3% in Q4.

The economic slump was attributed to weak private consumption due to continued mobility restrictions.