Stocks lower as investors remain cautious

Published September 10, 2020, 5:04 PM

by James A. Loyola

The local stock market edged lower on Thursday  as investors remained cautious amid the pandemic.

The Philippine Stock Exchange index (PSEi) finished 30.45 points, or 0.51 percent, lower to close at 5,902.39 with sectoral indices evenly mixed.

Volume improved further to 770 million shares worth P5.96 billion with gainers beating losers 101 to 85 as 53 were steady.

“Local shares continued to be sold down as concerns regarding the vaccine progress lingered,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AAA Equities Head of Research Chris Mangun noted that “The PSEi ended lower despite opening higher as selling pressure outweighs the buying. investors continued to take cash off the table as the sentiment remains cautious. Buying pressure was stronger today which is why prices did not decline as much.“

 
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