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Stocks lower on weak investor confidence

The local stock market end the week lower yesterday as investor confidence continue to wane. 

The Philippine Stock Exchange index (PSEi) dropped 37.37 points, or 0.63 percent, to close at 5,884.18 with only the Services sector advancing. 

A total of 3.73 billion shares worth P8.26 billion changed hands as losers beat gainers 102 to 87 with 56 steady. 

“Philippines shares ended a choppy session in the red after Federal Reserve Chairman Jerome Powell unveiled a major shift in monetary policy to allow inflation and employment to run higher, abandoning decades of precedent and ensuring that rates will stay low for years to come,” said Regina Capital Development Corporation Managing Director Luis Limlingan.  AAA Equities Head of Research Chris Mangun said “The PSEi ended the week down -2.02 percent as investors are skeptical that we will see a strong economic recovery in the third quarter as mobility remains restricted. Businesses are not seeing the pick up in revenues that were expected this quarter.”(


Source: Manila Bulletin (https://mb.com.ph/2020/08/28/stocks-lower-on-weak-investor-confidence/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-lower-on-weak-investor-confidence)

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