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Market Wrap: With no catalyst, PSEi falls 1.4%

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Conglomerate stocks are expected to keep pulling back this week and might give a good buy entry.

The Philippine Stock Exchange index closed at 7,102 on Wednesday, December 9, lower by 1.4%, with the lack of catalysts to entice traders to buy stocks.

"Market is expected to mirror its signal from global markets this month, along with holiday consumer spending," Pepito said. A total of 99.2 billion shares valued at P9.88 billion were traded on Wednesday. Foreign buying stood at P3.68 billion, while foreign selling was at P4.37 billion.DFNN, through its subsidiary Inter-Active Entertainment Solutions Technologies, was granted the Philippines' first license to operate an online gaming platform.DFNN chief executive officer Calvin Lim emphasized that players undergo eligibility and registration procedures.

CNPF said the multiyear contract, valued at $165 million , is part of the expansion program of its coconut business.

 

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