PH shares end 3-day run-up, drop below 6,000
The local stock barometer pulled back below 6,000 on Wednesday as investors reassessed recent gains while awaiting monetary policy cues from major central banks across the globe.The main-share Philippine Stock Exchange index (PSEi) shed 71.59 points or 1.19 percent to close at 5,946.62, ending a three-day run-up.
The market was weighed down by about P843.92 million worth of net foreign selling.
“Local shares were sold ahead of a policy update by the Federal Reserve, Bank of Japan and Bank of England and increased tension from the US-(China) trade war,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
The PSEi was weighed down by the financial, industrial and holding firms, which all fell by over 1 percent. The property counter also slipped.
Only the mining/oil counter managed to eke out modest gains.
