PHILIPPINE SHARES dropped to the 6,800 level on Thursday, tracking Wall Street’s decline overnight, as investors continued to book profits before the month’s close.
The Philippine Stock Exchange index (PSEi) fell by 0.95% or 66.46 points to end at 6,891.55 on Thursday, while the broader all shares index dropped by 0.69% or 26.26 points to finish at 3,733.29.
This was the PSEi’s worst close in almost two weeks or since it finished at 6,889.87 on Aug. 19.
“The local bourse extended its decline amid continuous profit-taking after the market failed to break the 7,000 resistance,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.
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