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Market takes a breather after rally

The local stock market ended slightly lower on some profit-taking after the spike in prices during the previous session.
The PSEi shed 11.22 points or 0.16 percent to close at 7,024.26 with the Holding Firms and Services counters retreating.
Volume surged to 2.29 billion shares worth P27.77 billion as gainers still outnumbered losers 139 to 79 with 49 unchanged.
“Local shares ended mixed today as investors continued to rotate out of defensive stocks that thrived during the pandemic and into value stocks linked to economic recovery,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors also assessed the latest results of the MSCI rebalancing for the Philippines. These will take effect by Nov 27.”
AAA Equities Head of Research Chris Mangun said “The PSEi ended slightly lower but mainly flat as selling picked up on issues that saw an incredible rally the day before.”
He noted that, “Other blue chips like BPI, MBT and MEG which have not climbed as much as the others, ended with substantial gains today. We continue to see high trading volumes as there is a lot of interest from investors due to the improving sentiment. “


Source: Manila Bulletin (https://mb.com.ph/2020/11/11/market-takes-a-breather-after-rally/?utm_source=rss&utm_medium=rss&utm_campaign=market-takes-a-breather-after-rally)

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