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PSEi down on profit taking after three-day climb - BusinessWorld Online

PSEi down on profit taking after three-day climb - BusinessWorld Online
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PHL shares climb as investors pick up bargains

Local shares decline as foreigners exit market

BusinessWorld April 22, 2021 | 9:00 pm COURTESY OF PHILIPPINE STOCK EXCHANGE, INC. PHILIPPINE shares closed in the red on Thursday as investors pocketed their gains and as foreigners exited the market amid lingering concerns on the economy’s prospects. The Philippine Stock Exchange index (PSEi) fell by 23.86 points or 0.37% to close at 6,415.53 on Thursday, while the broader all shares index declined by 16.93 points or 0.42% to 3,947.41. COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo said the benchmark index went down amid “pressure due to foreign selling, worries over longer term impact of COVID-19 (coronavirus disease 2019) and the lack of fresh catalysts.” “The mining sector worked in a heavy correction today due to profit taking after seeing a large pick up into the last week or so stemming from the government’s announcement to reopen the sector,” Mr. Barredo added.

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