The local stock barometer tumbled to the 6,700 level on Friday, underperforming regional markets ahead of the long weekend break.
The main-share Philippine Stock Exchange index (PSEi) pulled back by 136.29 points or 1.97 percent to close at 6,791.46.
The local stock market is closed on Monday (Nov. 30) due to a nonworking holiday in observance of Rizal Day.
Value turnover for the day amounted to P27.65 billion. The market was weighed down by about P3.17 billion in net foreign selling.
Local stock brokerage Papa Securities said the MSCI rebalancing couldn’t have come at a worse time. As the market was heading into the long weekend, the brokerage said this further added to the …
Keep on reading: PSEi retreats below 6,700 as investors take cover from risks