Stocks fall as foreign funds leave

Published November 25, 2020, 4:42 PM

by James A. Loyola

Traders work beneath an electronic ticker on the trading floor of the Philippine Stock Exchange in Bonifacio Global City (BGC) Metro Manila, the Philippines. (Bloomberg FILE PHOTO)

The local stock market fell as foreign funds cash in and leave for greener pastures.
The main index dropped 107.16 points or 1.51 percent to close at 7,002.51 although the Mining and Oil counter managed to post a strong gain.
Volume continued to grow with 8.03 billion shares worth P14.07 billion changing hands as losers beat gainers 120 to 97 with 40 steady.
“Local shares were sold ahead of the Thanksgiving holiday, while foreign funds continued to flock back to regions which they believe would be the first ones to receive the vaccine upon mass production,” Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris Mangun said “The market continued lower today as profit-taking persisted. It ended right at the 7,000 physiological support level. The pullback was expected after the PSEi gained more than 22 percent in the last three weeks.”