The local stock barometer slipped during the penultimate trading session of 2020, bucking the upswing across regional markets, due to fresh local lockdown jitters.
The main-share Philippine Stock Exchange index (PSEi) shed 82.13 points or 1.14 percent to close on Monday at 7,122.25.
“The PSEi continued lower today as we saw some panic-selling due to the anticipation of tighter lockdown restrictions,” said Christopher Mangun, head of research at AAA Equities.
“The market’s early losses were not because of massive selling pressure but the lack of buy posts as investors expected the drop and opted to pick up shares at lower prices. Once sellers stopped dumping at the lower prices, …
Keep on reading: Lockdown jitters send PSEi down 1.14%