The Philippine Stock Exchange index (PSEi) retreated 37.46 points, or 0.58 percent, to close at 6,378.07 with only the Financials counter holding its ground.
Volume improved slightly to 2.04 billion shares worth P5.87 billion as losers clobbered gainers 132 to 64 with 47 unchanged.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse fell as selling pressures continued to dominate the market for a third straight day as the pace and the strength of our economic recovery remains in question due to our COVID-19 situation.”
While the number of new cases showed signs of easing compared to last week’s average of 10,430, daily case count remains elevated.
Tantiangco added that, “Our local bourse also took cues from Wall Street’s decline overnight while catalysts that could spur optimism in the market are yet to be seen.”
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