The stock market tumbled out of the 7,000 territory on Friday as growing numbers of new coronavirus disease 2019 (Covid-19) infections abroad were reported and investors assess the damage caused by Typhoon “Ulysses” (international name: “Vamco”). Managing Director Luis Limlingan attributed the second-day decline to the rising number of Covid-19 cases overseas and its potential economic impact. In the Philippines, the number of Covid-19 cases increased by 1,902 to 404,713, of which 34,058 are active, the Department of Health said in its latest bulletin. Limlingan also said many investors stayed on the sidelines as they consider the damage wreaked by “Ulysses” in Luzon. At least 14 people died during the onslaught of “Ulysses,” according to Ricardo Jalad, executive director of the National Disaster Risk Reduction and Management Council.

Source: Manila Times November 13, 2020 17:03 UTC