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Manila Bulletin devider Business devider Stocks weaken after hitting resistance level

Stocks weaken after hitting resistance level

Published Dec 18, 2020 04:36 pm

Local shares weakened slightly Friday after failing to breach the 7,300 level.

The Philippine Stock Exchange index (PSEi) retreated 25.22 points, or 0.35 percent, to close at 7,272.80 with sectoral indices evenly mixed.

Photo credit: (https://www.pse.com.ph/)

Volume rose to 23.55 billion shares worth P11.88 billion as gainers and losers were tied at 110 each with 50 unchanged.

“Philippines shares were sold down due to a combination of the FTSE rebalancing and the investors flocking back into the US markets with betting on additional aid to be distributed before the year-ends,” said  Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that,  “shares were sold on news as the BSP held rates steady as expected by many economists.“

Philstocks Financial Research Analyst Claire Alviar said “The local bourse declined amid a lack of fresh catalyst to breach the 7,300 resistance and was dragged further by profit-taking as investors avoid uncertainties over the weekend.”

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PSEi PSE Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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