Local shares returned to negative territory ahead of the holiday as sentiment was impacted by the MSCI rebalancing and the local detection of the coronavirus disease 2019 (Covid-19) variant from India. Philstocks Financial Inc. research associate Claire Alviar attributed the market’s decline to the MSCI rebalancing. Alviar added that the coronavirus disease 2019 (Covid-19) variant first detected in India reaching the local shores also slumped the main index. He likewise cited the recent results of the MSCI rebalancing. “Others reacted to the latest release of the MSCI rebalancing, which indicated outflows from big index names,” Limlingan said.

Source: Manila Times May 12, 2021 16:25 UTC