The stock market remained in the 7,100 territory despite dipping on Tuesday after investors took in profits.
The benchmark Philippine Stock Exchange index (PSEi) fell by 0.97 percent or 69.95 points to finish at 7,108.67 while the wider All Shares declined by 0.6 percent or 25.71 points to close at 4,228.55.
Regina Capital Development Corp. Managing Director Luis Limlingan said the bourse “finally succumbed to profit taking after flirting with the 7,200 level.”
The main index’s intraday high was 7,228.12.
Limlingan said foreign funds flocked “back into their region of domicile” amid positive news on the effectiveness rate of the coronavirus disease 2019 (Covid-19) vaccine developed by the pharmaceutical giant AstraZeneca and the University of Oxford.
The PSEi recorded a net foreign selling of P621.19 million.
AstraZeneca and Oxford announced on Monday that their vaccine had proved to be 70 percent effective on average in stopping the coronavirus after testing it on 23,000 people, days after the tests of two other anti-Covid-19 drugs — by Pzifer and Moderna — suggested they were more than 90 percent effective.
The encouraging news comes as the world remains engulfed in the unprecedented health crisis, which has shattered economies, infected almost 58.9 million people and left nearly 1.4 million dead worldwide.
AAA Equities Head of Research Christopher Mangun said an increase in selling pressure resulted in profit taking, leading to the market’s slight decline.
He also said the market might rebound and begin to climb higher as investors were optimistic about the possibility of quarantine restrictions being relaxed further soon.
Most local sectors finished in the red, with mining and oil leading decliners at 1.67 percent. Property was the exception, inching up by 0.28 percent.
Total volume turnover was at 8.27 billion shares, valued at P12.95 billion.
Losers edged out winners, 134 to 101, while 40 securities were unchanged.
WITH A REPORT FROM AFP