PSEi falls for 3rd straight session, closes below 7,000

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The local stock barometer fell below the 7,000 mark on Thursday as foreign investors pared down holdings ahead of the MSCI rebalancing while port operator International Container Terminal Services Inc.’s (ICTSI) treasury share also gnawed on sentiment.

The main-share Philippine Stock Exchange index (PSEi) shed 73.76 points, or 1.05 percent, to close at 6,927.75, bucking the upswing seen across regional markets.

Local stock brokerage Papa Securities said two catalysts that the market was watching for were ICTSI’s 100-percent treasury share place out and the MSCI rebalancing on Friday.

“The major support level that we eye for the index would be 6,700 level,” Papa Securities said.

Keep on reading: PSEi falls for 3rd straight session, closes below 7,000