Philippine shares joined regional peers and retreated on Friday as investors took profits from a two-day rally after weighing in the country’s coronavirus disease 2019 situation.
The Philippines has been breaking its record of new COVID-19 cases this week. It recorded 34,021 new cases on Thursday, making it the biggest number of infections tallied in a day since the pandemic hit the country in March 2020. Earlier this week, Alert Level 3 was placed over 28 other areas from Jan. 14 until the end of the month.
Meanwhile, Asian stocks faltered on Friday on fears over central banks’ hiking rates. Equities in Kuala Lumpur, Philippines, and Thailand dropped between 0.3% and 1%, while Seoul equities sank 1.5%, Reuters reported.
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