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Stocks pull back as foreign funds unload heavily
The benchmark Philippine Stock Exchange index or PSEi closed 32.41 points or 0.46percent lower at 6,886.00 while the broader All Shares index dropped to 4,199.89, down 3.70 points or 0.08percent.
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Stocks pull back as foreign funds unload heavily

Iris Gonzales (The Philippine Star) - June 25, 2021 - 12:00am

MANILA, Philippines — Stocks pulled back as foreign funds mostly unloaded their holdings for a third straight day, while other investors cashed in on gains made during the past two sessions.

The benchmark Philippine Stock Exchange index or PSEi closed 32.41 points or 0.46percent lower at 6,886.00 while the broader All Shares index dropped to 4,199.89, down 3.70 points or 0.08percent.

Market breadth was negative, 100 to 97, while 52 issues were unchanged.

“Foreign investors strengthened the selling pressure with net outflows amounting to P912.22 million. The market was unable to hold its position above the 6,900 level, proving it to be a strong resistance. Trading improved with net value turnover posting P6.48 billion, higher than the preceding day’s P6.14 billion. Still, this was below the year-to-date average of P7.84 billion,” said Japhet Tantiangco of PhilStocks Financial Inc.

“The local market was trading flat for the session, but losses were magnified on last-minute selling,” AB Capital Securities said in a market commentary.

The market’s pullback followed a listless day of trading on Wall Street as the recent bout of nerves over US Federal Reserve policy fades.

“Sentiments may be largely echoing the US indexes movement overnight, as markets await more economic data to drive further movement,” Yeap Jun Rong of IG said in a commentary.

Markets have calmed notably since the Federal Reserve surprised investors last week by saying it could start raising short-term interest rates by late 2023, earlier than expected.

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