PSEi posts reversal but trims day’s losses

THE stock market on Wednesday managed to trim its losses at the close after renewed sell-offs — said to have been spurred by US rate concerns and the possible cancellation of an historic US-North Korea summit — threatened to overturn the previous day’s significant gains.

The bellwether Philippine Stock Exchange index (PSEi) fell by as much as 1.13 percent in morning trade before clawing back to end the day just 0.21 percent or 16.41 points down at 7,869.56.