Philippine shares fall due to cautious sentiment

Philippine shares declined on Tuesday due to cautious market sentiment and profit-taking.

The PSEi dropped by 62.23 points or 0.94% to close at 6,545.55, while the All Shares index fell by 22.23 points or 0.55% to end at 3,965.86.

Research Head Christopher John J. Mangun of AAA Southeast Equities attributed the decline to uncertainty in the market and profit-taking from the previous session’s rally.

Despite the losses, Mr. Mangun noted that there was no panic selling as investors were optimistic about the President's announcement of cash stimulus and eased restrictions for private vaccine imports.