PSEi snaps 3-day rally on recovery concerns

Philippine shares snapped a three-day winning streak on Tuesday as investors stayed on the sidelines amid lingering concerns over the economy’s recovery from the COVID-19 crisis.

The benchmark PSEi shed 53.62 points or 0.74% to 7,227.73 at the closing bell. The broader All Shares lost 17.50 points or 0.40% to 4,321.01.

“The market is generally moving sideways right before the holidays, which is what we expected as investors monitor the economy's recovery till the end of the year,” AAA Equities head of research Chris Mangun said.

“There are a few concerns that remain, mainly the potential spike in new cases as families get together for the Christmas holidays,” he said.

More than 63.91 billion shares valued at P10.128 billion, changed hands.

“Trading volumes remain high which tells us that investors are willing to stay in the market for the longer term and give it the benefit of the doubt that prices will continue higher as long as the economy continues on a path of recovery,” Mangun said.

“We still may see a sell off in the coming trading sessions to raise cash ahead of the new year,” he added.

Decliners led advancers, 128 to 95, and 49 issues were unchanged. — Ted Cordero/RSJ, GMA News