SUMMARY
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MANILA, Philippines – The downward trend at the Philippine Stock Exchange (PSE) continued, with the index dipping below 6,400 on Wednesday, a level it has not seen since February 2013.
The PSEi traded a low of 6,310.80 during the morning trade.
Minutes before 3 pm, however, the bargain hunters lifted the PSEi to positive territory, staging an intraday rebound. Traders at the floor cheered as the reds turned into green.
By closing, the index retreated back to the red. It closed at 6,419.62, down 6 points or 0.1%.
This marks the 8th straight day of losses, the longest streak since April 2008.
So far, the biggest loser is the Mining and Oil index, which traded at 20,709.60 level. Its losses were trimmed to 115.06 points from 300.53 points.
On Tuesday, March 19, the Mines and Geosciences Bureau (MGB) only accepted 16 mining applications out of the 152 applications the bureau received. – Rappler.com
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