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Stocks drop on profit taking, slow vaccine rollout

BusinessWorld April 16, 2021 | 4:41 pm SHARES declined on Friday as the slow progress of the government’s coronavirus disease 2019 (COVID-19) vaccination program clouded market sentiment. The 30-member Philippine Stock Exchange index (PSEi) went down by 45.15 points or 0.69% to close at 6,494.81 on Friday, while the broader all shares index fell by 16.07 points or 0.4% to 3,981.51. Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the index declined as investors pocketed their gains from the market’s two-day climb. “Market sentiment is still weighed by pandemic concerns,” Mr. Tantiangco added in a Viber message. “Uncertainties towards the pace of the COVID-19 vaccine rollout here in the Philippines is also denting investor confidence.”

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