Philippine shares down on continued profit-taking

Philippine shares extended its losing streak for the third straight session on Thursday as market players continued to cash in on gains from the previous sessions.

The benchmark PSEi shed 73.76 points or 1.05% to 6,927.75 at the closing bell. The broader All Shares lost 46.19 points or 1.10% to 4,138.09.

“The PSEi ended lower, marking three days of consecutive losses on persistent profit taking,” AAA Equities head of research Chris Mangun said.

“There may be some concerns on whether quarantine restrictions will be lifted by the end of November. We remain confident that the government will ease restrictions and allow more mobility as new coronavirus cases continue to decline,” Mangun said.

More than 3.28 billion shares valued at P15.5 billion, changed hands. Decliners led advancers, 148 to 69,, and 46 issues were unchanged.—LDF, GMA News