Local shares close sharply down

Local shares closed the week lower yesterday, dragged down by profit-taking and losses regional bourses as well as in Wall Street overnight. The benchmark Philippine Stock Exchange index (PSEi) finished 86.34 points or 1.01 percent lower at 8,433.48. Likewise, the broader All Shares index suffered a loss, finishing 47.96 points or 0.9 percent at 4,931.86. Trading volume tumbled but remained robust with 1.17 billion shares, valued at R7.53 billion, changing hands. Decliners edged advancers, 134-73, with 44 issues unchanged.