PSEi off to weak start on COVID-19 fears

The local stock market started the week on a sluggish note, bucking the upswing elsewhere in the region, due to concerns on rising cases of local coronavirus transmission.

The main-share Philippine Stock Exchange index shed 44.25 points, or 0.69 percent, to close on Monday at 6,328.41.“Asian stock markets rallied today led by Chinese shares on encouraging comments from state media on how a healthy bull market will be extremely important to its economy in the future.

The PSEi did the opposite and ended slightly lower as investors are worried about a surge in new coronavirus cases and reports that the virus has mutated and is more contagious,” said Christopher Mangun, head of research at AAA Equities.“The market is afraid that we may return to ECQ ,” said veteran stockbroker Joseph Roxas, president of Eagle Equities Inc.

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