Virus curbs: A file picture showing a woman receiving a vaccine against Covid-19 in Manila. A spike in virus cases since mid-March spurred the Philippine government to reimpose lockdowns. — AFP
MANILA: A rout that’s made the Philippine benchmark equity gauge the worst performer in the Asia-Pacific region risks worsening in the wake of fresh virus curbs.
The Philippine Stock Exchange Index has tumbled 7.7% so far in 2021. While a two-day bounce has lifted the gauge above a critical 200-day support line, surging Covid-19 infections and fears of a lengthy lockdown in Manila have prompted investors such as Gerard Abad to hoard cash as they brace for further turbulence.
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