Stocks continue to drop as foreign funds sell

Published November 26, 2020, 4:31 PM

by James A. Loyola

The local stock market continued to lose ground, falling below the 7,000 level, as foreign investors have turned net sellers.

The PSEi dropped 73.76 points or 1.05 percent to close at 6,927.75 as share prices fell across the board.
Volume rose further to 3.28 billion shares worth P15.49 billion as losers swamped gainers 148 to 69 with 46 unchanged.
“Local shares continued to be sold down ahead of the window dressing, MSCI rebalancing, and with the US heading into a holiday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
U.S stocks also took a breather after soaring past the 30,000 level the other day, and over undelightful unemployment data. 
AAA Equities Head of Research Chris Mangun said “The PSEi ended lower, marking three days of consecutive losses on persistent profit taking… There may be some concerns on whether quarantine restrictions will be lifted by the end of November.” (JAL)