Shares expected to fall due to rising COVID-19 cases

Local shares are expected to fall this week due to rising COVID-19 cases.

The PSEi closed Friday at 6,191.84, up 73.58 points or 1.2% from the previous day but down 1.95% for the week.

Trading volumes declined as buyers moved to the sidelines and sellers took control of the market.

Rising cases in Cebu City have dampened sentiment and raised concerns about potential new quarantine restrictions, leading to a third consecutive session of lower trading on Thursday with the PSEi closing at 6,118.26.

Accelerating cases both locally and abroad, particularly in the US, are causing investors to move towards safer assets and away from equities.