Profit-taking drags PSEi

The local stock market closed in the red on Wednesday as investors cashed in on gains from the previous sessions.

The bellwether PSEi shed 37.29 points or 0.58% to 6,377.79 at the closing bell. The broader All Shares lost 9.82 points or 0.26% to 3,808.29.

“The PSEi continued lower as selling pressure picked up. More investors are now securing profits from the recent rally which is giving investors who have not been able to ride the rally, a chance to pick up shares at lower prices,” AAA Equities head of research Chris Mangun said.

“As more Q3 (third quarter) earnings reports come in, investors are realizing that the numbers are not as bad as what was expected,” Mangun said.

Foreigners were net sellers at P442.87 million as they bought P2.416 billion shares against P2.859 billion they sold.

More than 1.752 billion shares valued at P6.8 billion, changed hands. Advancers led decliners, 112 to 89, and 46 issues were unchanged.

“With more mobility and business restrictions lifted by the day, economic activity will continue to pick up,” Mangun said. — BM, GMA News