PH stock market snaps three-day rally

Profit taking snapped the local bourse’s three-day rally, prompting the index to close the shortened trading week down in the 6,500 territory on Thursday.

The benchmark Philippine Stock Exchange index (PSEi) slumped by 1.6 percent or 106.54 points to 6,545.17, while the broader All Shares declined by 1.15 percent or 46.30 points

to finish at 3,998.64.
The market opened higher at 6,648.71 and fell to its intraday low of 6,542.27 before closing a few points higher.

Diversified Securities Inc. trader Aniceto Pangan said the market corrected on profit taking as the country continued to record higher daily cases of coronavirus disease 2019 (Covid-19).

Pangan said the high number of cases could cause the currently implemented strict quarantine measures to be maintained.

The Department of Health tallied 9,216 new confirmed Covid-19 cases on Wednesday, bringing the total number of active cases to 167,279 and the country’s overall infections to 828,366.

Meanwhile, all local sectors ended bloodied with holding firms losing the most at 2.47 percent.

Total volume turnover was at 3.52 billion shares valued at P5.02 billion.
Losers outpaced winners, 110 to 89, while 54 securities were unchanged.

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