Philippine shares fall over ECQ reimposition

Philippine shares closed lower on Friday as investors reacted negatively to the reimposition of enhanced community quarantine (ECQ) in Metro Manila from August 6 to 20.

The PSEi dropped by around 3%, with declines across all sectors, particularly in properties and holding firms.

On Wednesday, stocks had already slipped due to fears of a tighter lockdown amid rising COVID-19 cases and the spread of the Delta variant.

Analysts noted that the market was pricing in stricter quarantine measures but also saw some bargain hunting as losses moderated by the end of trading.