Manulife Financial Continues Downward Spiral Impacted By Lower Business In Asia

Shares of Canadian life insurer Manulife Financial Corp. (MFC.TO) are down 9 percent on Thursday's trading, continuing their downward movement since Tuesday. The stock was negatively impacted by the company's core earnings declining in the first quarter due to lower sales and lesser business in Asia as Covid-19 cases rose in the region.

The company's core earnings declined to $1.55 billion from $1.63 billion a year ago.

The insurance company also said that it expects further impact of the Covid-19 pandemic despite lower cases and lifting of restrictions in Asian countries, especially Hong Kong.

Currently at $16.93, the stock has traded between $16.78 and $22.19 during the past 52 weeks.

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