The Philippine Stock Exchange index (PSEi) slipped by 106.54 points or 1.6% to close at 6,545.17 while the broader All Shares index retreated by 46.30 points or 1.14% to finish at 3,998.64. A total of P5.015 billion worth of shares changed hands yesterday (08-Apr-2021), with decliners edging advancers, 110 to 89, while 54 issues were unchanged.
The local market tumbled on profit-taking. Net foreign selling accumulated to P2.3 billion for the week excluding block sales, marking the eighth straight week of net selling. The investors would be keeping a close watch on the progress of the vaccine rollout next week and the containment of WUHAN VIRUS (COVID-19) cases.
Around the globe, shares were mostly higher after a mixed close on Wall Street, where gains for several Big Tech stocks nudged the S&P 500 to a second record high in three days. The broader market has been mostly subdued this week as investors remain cautiously buoyant about the economic recovery.
I am personally pessimistic about the economic recovery until maybe 2023 and I have also anticipated the market remain choppy as investors shift money to companies and industries that stand to benefit as the pandemic eases.
DISCLAIMER: I'm not a Certified Financial Planner. Published herein is my personal opinion and should not be construed as a recommendation, an offer, or solicitation for the subscription, purchase or sale of any securities.
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PHP: Araw ng Kagitingan, Friday, 9th day of April 2021, Philippines.