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Stocks finish lower as market continues to correct
The Philippine Stock Exchange index (PSEi) fell below the 6,800 mark on Friday, November 27, 2020, marking the fourth consecutive day of decline.
The benchmark PSEi dropped 136.29 points or 1.97% to close at 6,791.46, extending its losses from the previous trading sessions.
The market's correction was influenced by investors taking profits due to overvaluation after a recent rally, an unexpected interest rate cut by the Bangko Sentral ng Pilipinas, and generally better third-quarter company earnings.
Investors also realigned with the latest MSCI index rebalancing, which was set to take effect by the end of November.
The US stock market was closed on Thursday due to Thanksgiving, prompting many to take profits.
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The Philippine Stock Exchange index (PSEi) declined for the third straight session, closing at 6,927.75 on Thursday.
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The Philippine Stock Exchange index (PSEi) declined by 1.05%, closing at 6,927.75 points on Thursday, influenced by the US Thanksgiving holiday.
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The Philippine Stock Exchange Index (PSEi) continued its decline, falling below the 7,000 level to close at 6,927.75 points, a drop of 1.05 percent, as foreign investors turned net sellers.
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The Philippine Stock Exchange index (PSEi) surged by 2.46% to close at 7,169.79 on Friday, driven by a surprise interest rate cut from the Bangko Sentral ng Pilipinas (BSP).
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Philippine share prices declined for the third consecutive session on Thursday as investors continued to cash in on gains from previous sessions.
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