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Stocks drop as new COVID cases hit record high

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The local stock market pulled back after the previous session’s spike as COVID cases continue to mount.

The main index dropped 54.98 points or 0.77 percent to close at 7,085.69 as the Mining and Oil counter led the retreat across the board. Volume improved to 878 million shares worth P6.91 billion as losers beat gainers 105 to 82 with 43 unchanged.

“Philippine shares closed weaker ahead of key US inflation data releases and central bank news that could provide information about the future of monetary policy,” said Regina Capital Development Corporation Managing Director Luis Limlingan. AB Capital Securities, meantime, said that “the local market retreated as new COVID-19 cases continue to post record highs.”

 

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