Stocks dip ahead of long weekend

Published November 27, 2020, 4:40 PM

by James A. Loyola

There was no month’s end window dressing, leading the PSEi to end the week much lower.

The Philippine Stock Exchange index (PSEi) fell 136.29 points ,or 1.97 percent, to close at 6,791.46 although the Services and Mining & Oil counters advanced.

Volume surged to 4.52 billion shares worth P27.65 billion due to hefty trades in BPI and the Property sector. While the index dropped, gainers actually beat losers 129 to 75 with 50 unchanged.

“Local shares fell below the 6800 mark as investors realigned with the latest MSCI rebalancing which takes effect at the end of the month,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that “The U.S. stock market was also closed Thursday due to Thanksgiving, so most opted to profit take as well. It will also close early on Friday.”

 
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