Philippine shares retreat ahead of long Holy Week break

Philippine shares closed in the red on Wednesday as investors sold positions ahead of the long weekend due to Holy Week.

The bellwether PSEi shed 139.18 points or 2.46% to 5,510.83 at the closing bell. The broader All Shares lost 60.81 points or 1.79% to 3,332.44.

“Investors sold ahead of the long weekend...,” Regina Capital Development head of sales Luis Limlingan said.

Financial markets will be closed on April 9, Araw ng Kagitingan and Maundy Thursday, and April 10, Good Friday. Both dates are regular holidays.

Trading will resume on April 13, Monday.

The news about the $1-trillion stimulus program in the US to address the economic impact of COVID-19 has already been priced in by the market, according the Limlingan.

More than 490.733 million shares valued at P5.953 billion changed hands. Decliners led advancers, 102 to 88, and 37 issues were unchanged. —KG, GMA News