Stocks lower as investors sell on news

The local stock market declined on thin trade yesterday as investors immediately cashed in on the previous session’s gains. The Philippine Stock Exchange (PSEi) lost 52.73 points, or 0.66 percent, to close at 7,955.80 although only the Industrials, Services and Holding Firms counters were in the red. A total of 375.8 million shares valued at 13.1 billion changed hands. Decliners swamped advancers, 115-58, with 49 issues unchanged. “It was a sell on news trading session with the major news items being the Brexit dateline extended and the FOMC minutes showing more patience needed,” said Regina Capital Development Corporation Managing Director Luis Limlingan. (JAL)