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Shares wipe out recent gains on profit taking
The Philippine Stock Exchange index (PSEi) dropped by 7.07% on Thursday, ending a three-day winning streak due to profit-taking and concerns over the economic impact of COVID-19.
Investors cashed in on previous gains, leading to a significant decline in the bellwether PSEi, which closed at 5,525.60 points.
The broader All Shares index also fell by 5.11%, reflecting a general downturn in the market.
Local economic worries stemming from the COVID-19 pandemic, coupled with negative cues from Wall Street, triggered the sell-off.
Dismal economic data and early corporate earnings reports in the US further exacerbated investor sentiment, contributing to the decline in both local and regional markets.
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