PSEi down 2.9% on stricter lockdown, COVID-19 spike worries

The benchmark Philippine Stock Exchange Index (PSEi) fell below the key 6,500 level as investors fled risky assets like equities due to the recent spike in COVID-19 infections and worries over stricter lockdown measures.

By the closing bell on Friday, the PSEi fell 2.94 percent, or 194.75 points, to 6,436.10 while the broader all-shares index dropped 2.39 percent, or 95.68 points, to 3,909.41.

Investors also decided to stay on the sidelines as experts who form part of the UP OCTA Research Team proposed the implementation of tougher community quarantine rules to slow the spread of the virus.

All subsectors closed in negative territory with property stocks suffering a 4.48 percent loss.

Financials and services also dropped 2.63 percent and 2.58 percent, respectively.

Data from the PSE showed 3.53 billion shares valued at P10.41 billion changing hands on Friday. Losers outpaced gainers 157 to 64 while 35 companies closed unchanged.

SM Investments Corp. was the most actively traded on Friday as it sank 2.89 percent to P958.50 per share.