Profit-taking blunts PSEi’s rise

Published February 20, 2020, 12:00 AM

by manilabulletin_admin

By James A. Loyola

The local stock market continued to rise yesterday but ended off the day’s high as profit-taking in the afternoon pared off most of the gains.

The Philippine Stock Exchange index (PSEi) gained 16.06 points, or 0.22 percent, to close at 7,413.00 as sectoral indices were mixed with Financials, Mining and Oil, and Property stocks in the green.

A total of 1.86 billion shares worth ₱5.79 billion changed hands as gainers outnumbered losers 90 to 84 with 54 unchanged.

“Local shares closed higher on signs that China may be planning further measures to support its economy as it reels from a virus-induced slowdown and after Federal Reserve officials signaled they aren’t anxious to raise interest rates anytime soon,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

 
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