Philippines Covid surge spurs worst stocks rout since June 2020

A woman presenting documents as she waits to receive cash assistance from the government following the imposition of a two-week lockdown to prevent the spread of the coronavirus Delta variant, at an elementary school in Manila. — Reuters

MANILA: Philippine stocks tumbled the most in more than a year on fears coronavirus infections will rise further and spur the government to extend a two-week lockdown affecting the capital and other areas.

The Philippine Stock Exchange Index plunged 3.6% to 6,320.19 at 1 p.m. in Manila, its lowest close in more than a year. Investors dumped key blue chips -- including SM Investments Corp. and unit SM Prime Holdings Inc. -- after the gauge had held a moderate decline for much of the day.