Reporter
PHILIPPINE SHARES inched lower on Thursday as investors booked profits and remained wary of rising coronavirus disease 2019 (COVID-19) cases around the world.
The Philippine Stock Exchange index (PSEi) dropped 1.68 points or 0.02% to end at 7,298.02, while the broader all shares index fell 0.16 point to 4,350.29.
Philstocks Financial, Inc. Research Associate Claire T. Alviar said the market ended lower due to profit taking.
“Traders took to profit taking amid strong psychological resistance at 7,300 level, along with the overvaluation of the PSEi in terms of price to earnings ratio which is around 21x, higher than the five-year average of around 18x.” Ms. Alviar said in a mobile phone message.