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Stocks drop on extended lockdown

 The local bourse finished in the red again Wednesday as investors continued to sell out of the market on concerns over the impact of the extended lockdown on the economy.

The Philippine Stock Exchange index (PSEi) lost 60.85 points, or 1.05 percent, to end at 5,738.39 with only the Services sector managing to hold its ground.

A total of 1.51 billion shares worth P6.38 billion changed hands with losers trouncing gainers 111 to 64 as 55 were unchanged.

“Philippines closed lower for another straight session as investors digested data out of China and the Eurozone,” said Regina Capital Development Corporation Managing Director Luis Limlingan

He added that, “investors swtiched backed to the US which was seeing more signs og a recovery.”

AAA Equities Head of Research Chris Mangun said “The PSEi ended lower again today, marking five days of consecutive losses as Ayala Land drags the whole index lower. Investors were selling heavily all day as the company was seen to take a bigger hit compared to its rival SM Prime as its mall segment solely relies on rental leases unlike its competitor, that owns and operates department stores and supermarkets.”

 It has seen losses for 11 straight trading sessions.

Source: Manila Bulletin (

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