Philippine stock rises and peso gains even as the country witness surge in new Covid-19 infections

MANILA Aug 16 (Reuters): Malaysia's ringgit fell to a one-year low and equities declined on Monday, as reports that the Prime Minister is set to resign turned investors cautious while the Philippine peso gained even as the country witnessed a surge in new coronavirus infections.

Malaysian Prime Minister Muhyiddin Yassin was expected to step down on Monday, according to media reports, after he lost his majority in parliament, pushing the country into a period of uncertainty as it grapples with surging Covid-19 cases and an economic downturn.