Local shares retreated again on Wednesday, slipping out of the 7,100 area on continued profit taking. “A reversal candlestick showed last Monday after the short-term uptrend, which was confirmed by yesterday’s (Tuesday’s) decline, made investors booked more gains today,” Alviar explained. Despite this, Alviar said investors still forward to the economy’s recovery. AAA Equities Head of Research Christopher Mangun also attributed the decline to profit taking, saying the pullback was expected, as the PSEi gained more than 22 percent in the last three weeks. He added that large-cap property firms Ayala Land Inc. and SM Prime Holdings Inc.dragged local shares as they contracted by 3.21 percent and 3.12 percent, respectively.

Source: Manila Times November 25, 2020 17:37 UTC