Bleak economic prospects, virus worries spook stocks !-- -- Iris Gonzales (The Philippine Star) - June 26, 2020 - 12:00am MANILA, Philippines The stock market continued to plunge yesterday as investors are still spooked by the continued rise in the coronavirus disease 2019 or COVID-19 cases in the Philippines and in many parts of the world including the US and Europe. Bleak global economic forecast from the International Monetary Fund also added to jitters.

The benchmark Philippine Stock Exchange index tumbled by 70.57 points, or 1.14 percent, to finish at 6,118.26. Likewise, the broader All Shares gauge was down at 3,600.98, down 42.45 points or 1.

16 percent. Most indexes were down with the mining and oil and financials posting the biggest declines.

Total value turnover reached P6.7 billion. Market breadth was positive with 139 losers and 58 gainers, while 38 issues were left unchanged.

"The International Monetary Fund's dim forecast for both the local and global economy sent the PSEi lower by 70.57 points at 6,118.26. The IMF downwardly revised its Philippine and global GDP projections for 2020 from 0.6 percent and three percent and 3.

6 percent and 4.9 percent respectively," said Philstocks Financials.

Luis Limlingan of Regina Capital added this comment: "The main index closed lower once again as an increase in COVID-19 cases and concern over trade friction between Washington and Europe drove investors away from equities." Meawhile, world shares and US futures slipped Thursday as investors focused on surging new coronavirus cases in the US that are dimming hopes for a relatively quick economic turnaround from the pandemic downturn.

The future for the SandP 500 lost 1.3 percent to 3,008.20 while the future for the Dow industrials was down 1.

4 percent at 25,037.00.

© Pakistan Press International, source Asianet-Pakistan