Local shares end week in the red

MANILA -The Philippine Stock Exchange index (PSEi) wrapped up another week on a bad note after trading in the red for two straight days, still hounded by the US government’s debt ceiling issue which prompted many investors to take profits.

The benchmark PSEi dropped by 0.46 percent, or 30.02 points, to settle at 6,530.20 while the broader All Shares index fell by 0.25 percent, or 8.71 points, to close at 3,488.08.

Claire Alviar, Philstocks Financial Inc. assistant manager for research and online engagement, said “investors booked more gains on the last trading day of the week to avoid any uncertainties over the weekend, particularly with the ongoing worries over the US debt ceiling…

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