Stocks drop on COVID concerns

Published June 19, 2020, 12:00 AM

by manilabulletin_admin

By James A. Loyola
The stock market ended the week lower on lingering concerns over the spread of COVID cases in the country.

The PSEi declined 33.38 points or 0.53 percent to close at 6,315.07 with only the Holding Firms sub-index managing to eke out a gain.

Volume rose further to 1.58 billion shares worth P13.4 billion as losers beat gainers 101 to 89 with 54 unchanged.

“Local shares closed slightly lower as investors aligned with portfolio with the latest FTSE rebalancing ahead of the weekend. In addition, stocks generally struggled for direction for much of Thursday, as investors weighed the latest economic data and reports about fresh outbreaks of COVID-19,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

 
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