By James A. Loyola
Stock prices dropped yesterday on concern that rising COVID-19 cases may force authorities to dial back the reopening of economies.
The Philippine Stock Exchange index (PSEi) fell 86.66 points, or 1.4 percent, to close at 6,105.18 as share prices fell across the board.
Volume remained weak at 1.01 billion shares worth P5.55 billion as losers trounced gainers 142 to 63 with 44 unchanged.
“Local shares closed lower after Texas rolled back some of its reopening measures, raising concern about the latest spike in coronavirus cases and its impact on the economy” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He also noted that “Global cases of Covid-19 surged past 10 million and are multiplying faster than ever — a rebuff to health experts and world leaders who had hoped the virus would fade away in the summer heat.“