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PSEi dips to fresh year-low
The benchmark Philippine Stock Exchange index fell for the fourth consecutive day, losing 16.91 points or 0.26 percent to close at 6,282.78, while the broader All Shares index shed 2.78 points or 0.07 percent to finish at 3,879.65.
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PSEi dips to fresh year-low

Elijah Felice Rosales (The Philippine Star) - May 7, 2021 - 12:00am

MANILA, Philippines — Stocks plunged to a fresh year-low yesterday, bucking an upturn in most Asian markets, as investors remain wary of the continued rise in new COVID cases.

The benchmark Philippine Stock Exchange index (PSEi) fell for the fourth consecutive day, losing 16.91 points or 0.26 percent to close at 6,282.78, while the broader All Shares index shed 2.78 points or 0.07 percent to finish at 3,879.65.

The sectors were split into half: gains made by financials, industrials and property were offset by the declines suffered by holding firms, services and mining and oil.

A total of P5.28 billion worth of shares changed hands. Losers outpaced winners, 126 to 77, while 44 issues were unchanged.

Net foreign selling persisted for the 25th straight session with P461 million.

“Local market fell by more than 60 points but last-minute buying cuts losses,” said AB Capital Securities in a market report.

Luis Limlingan, head of sales at Regina Capital, said investors packed up their shares here and jumped on the US bandwagon, where the Dow posted a record high last Wednesday. Likewise, they dumped shares to evaluate which firms are holding up in the second quarter.

“Local shares continued to slide as momentum continued to shift to the US, as strong earnings results and economic optimism pushed the Dow to record highs,” Limlingan said.

“Meanwhile, funds continued to assess which companies are performing well for the quarter,” he said.

Around Asia, shares were mostly higher on cautious optimism that upcoming company earnings reports will reflect a gradual recovery from the damage of the pandemic.

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