PH shares drop on worries over virus spread

ABS-CBN News

Posted at Jul 15 2020 06:20 PM

MANILA -- Philippine shares sank on Wednesday as the spread of COVID-19 continued to weigh on investors’ appetite. 

The benchmark PSE Index lost 2.53 percent or 156.3 points to settle at 6,016.51, while the broader all shares shed 2.25 percent to close at 3,544.36.

The main index is now down 23 percent so far this year, according to data from Reuters.

"We have been seeing the market consolidate for the lack of any fresh catalyst, the next big news would be H1 earnings results and 2Q GDP, which everybody expects to be worst," said Mike Enriquez, chief investment officer at Sun Life Financial Philippines on ANC.

Since June 1, COVID-19 infections have more than tripled when restrictions were eased.

As of July 15, the Philippines has confirmed 58,850 cases of COVID-19. This includes 1,614 deaths and 20,976 recoveries.

Several state hospitals and at least 2 private hospitals have declared that their designated beds for COVID-19 patients were full.