Philippine shares fall due to profit-taking, COVID-19 worries

Philippine shares closed lower on Wednesday due to profit-taking and concerns over the impact of COVID-19, with investors awaiting President Duterte’s State of the Nation Address (SONA) scheduled for Monday.

The benchmark PSEi dropped 72.05 points or 1.17% to 6,064.26 at the close, while the All Shares index fell 30.63 points or 0.85% to 3,569.09.

On Tuesday, the PSEi slipped by 0.23%, losing 14.39 points to end at 6,136.31, with all sectoral indices except Mining and Oil, Services, and Holding Firms tracking the main index negatively.

Investors remained cautious ahead of the SONA, leading to a lack of economic data influencing trading decisions.