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HEAVYWEIGHTS dragged the main index on Wednesday as Mitsubishi Corp. reduced its stake in Ayala Corp. (AC) while the Department of Interior and Local Government’s (DILG) intent to wipe out all reclamation projects in Manila Bay hurt SM Prime Holdings, Inc. (SMPH), which has ambitious projects set in the harbor.
THE MAIN INDEX opened the week on a positive note amid a recovery in banking stocks and news that the new real estate investment trusts (REIT) rules will be out in the first half of the year.
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THE PHILIPPINE STOCK EXCHANGE index (PSEi) closed below the 7,500 mark on Friday and was lower on the week after climbing for five straight weeks, dragged down by Wall Street’s plunge ahead of a long Christmas weekend.
STOCKS tumbled on Thursday as investors were concerned the arrest of a top executive of Chinese telco giant Huawei could further flare up trade tensions between China and the United States.
THE MAIN INDEX rallied to the 7,700 level on Tuesday, driven by the optimism from the truce between China and the United States alongside expectations of tamer inflation for the month of November.
THE MAIN INDEX tumbled on the last trading day of November, failing to sustain early morning gains due to the MSCI rebalancing and dovish comments from the US Federal Reserve chief, accompanied by window dressing.