PSEi drops below 7,000 amid foreign selling

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.

This marks three consecutive days of losses for the local stock market, attributed to persistent profit-taking and concerns about potential quarantine restrictions.

Foreign funds are reportedly moving to regions anticipated to be among the first to receive COVID-19 vaccines.

Local shares were sold off in anticipation of the Thanksgiving holiday in the US, as well as window dressing and MSCI rebalancing.

Despite the overall market downturn, the Mining and Oil sector experienced a notable gain.

Trading volume increased to 3.28 billion shares valued at P15.49 billion exchanged.

More stocks declined than advanced, with 148 losers compared to 69 gainers and 46 remaining steady.