Stocks pull back from 3-day rally
MANILA, Philippines - The local stock market broke a three-session winning streak yesterday, but managed to hang on above the 7,500 level.
The Philippine Stock Exchange index (PSEi) fell 0.24 percent or 18.89 points to close at 7,565.32, while the broader All Shares index slipped 0.07 percent or 2.96 points to settle at 4,508.81.
Local share prices followed the downtrend seen across Asia which was brought about by worries ahead of the first meeting between US President Donald Trump and Chinese President Xi Jinping in Florida.
The PSEi peaked at 7,603.90 before falling to 7,565.32.
Only the industrial and holding firm counters managed to finish in the positive territory, posting gains of 0.52 percent and 0.01 percent, respectively.
Mining and oil firms suffered the biggest drop of 1.68 percent, followed by the property counter which declined by 0.92 percent.
Market breadth was negative as decliners edged out advancers, 101 to 91, while 43 stocks were unchanged. Turnover value slimmed to P9.53 billion from P10.77 billion the previous day.
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