The local stock market resumed its downward trek yesterday as investors remained wary.
The Philippine Stock Exchange index (PSEi) dropped 84.94 points, or 1.44 percent, to close at 5,799.24 although sectoral indices were evenly mixed.
A total of 1.87 billion shares worth P6.86 billion changed hands as losers beating gainers 99 to 85 with 57 unchanged.
“The Philippine and regional markets weakened with Anti-China tension escalating,” noted Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris Mangun said “The PSEi ended lower today after investors rushed to sell before the close. It opened much higher as investors delayed selling. All hopes of an economic recovery in third quarter once lockdown restrictions were eased, have been dashed by the reality that consumers should be thrifty and hold on to cash because of the uncertainty.”