The local stock barometer pulled back to the 7,000 level on Wednesday as investors trimmed their exposure to key stocks that have hit overbought levels.
The main-share Philippine Stock Exchange index (PSEi) lost 107.16 points, or 1.51 percent, to close at 7,001.51.
“Local shares were sold ahead of the (US) Thanksgiving holiday, while foreign funds continued to flock back to regions which they believe would be the first ones to receive the vaccine upon mass production,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
“The latter half of the week is gearing up to be an exciting one for the PSEi as global optimism clashes with the recent risk-off and p…
Keep on reading: PSEi closes down 1.5%, settles at slightly above 7,000