Philippine shares sobered up on Wednesday, November 11, after an 8-day winning streak induced by the United States election and COVID-19 vaccine hopes.

The Philippine Stock Exchange index closed at 7,024, just 0.16% lower than the peak on Tuesday, November 10.

Holding firms and services ended their respective rallies, while the rest sustained gains.

It was a mixed bag for the blue chips, with 16 staying in the green, while the rest were either unchanged or lost value.

Over 2.24 billion shares valued at P27.77 billion were traded. Foreign buying stood at P18.7 billion, while foreign selling reached P16.7 billion.

“Local shares ended mixed today as investors continued to rotate out of defensive stocks that thrived during the pandemic and into value stocks linked to economic recovery,” Luis Limlingan of Regina Capital said.

Limlingan also noted that investors assessed the latest results of the MSCI index rebalancing for the Philippines, which will take effect by November 27. – Rappler.com