The benchmark Philippine Stock Exchange Index (PSEi) sank on Wednesday as cautious investors cashed in their gains ahead of the Christmas holidays.
By the closing bell, the PSEi had dropped 1.4 percent, or 101.01 points, to 7,102.66, also its low for the session. The broader all-shares index was also down 0.77 percent, or 32.9 points, to 4,253.13.
Chris Mangun, research head at AAA Equities, said it was the typical profit-taking that followed a period of gains.
He noted that while investors were “comfortable with current market conditions,” some were on a wait and see mode given higher prices of their favorite blue chip companies.
“Investors may want to see how well the econo…
Keep on reading: PSEi slips by 1.4% on profit-taking