PSEi takes breather below 7,000 to count profits

The local stock barometer retreated to close slightly below 7,000 on Thursday as investors pocketed recent gains and focused on smaller cap stocks.

The main-share Philippine Stock Exchange index (PSEi) slipped by 54.16 points, or 0.77 percent, to close at 6,997.62, tracking the pullback seen in the United States and most regional markets.

Foreign investors were net sellers for the fifth straight session, resulting in a net outflow of P1.09 billion.

BDO Unibank chief strategist Jonathan Ravelas said the PSEi could try to revisit 7,300.

“But should it stay above the 7,000 levels, it will just go back to the 6,700 to 7,000 consolidation levels,” Ravelas said.

Nonetheless, the…

Keep on reading: PSEi takes breather below 7,000 to count profits

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