LOCAL shares snapped a two-day winning streak on Thursday, with the benchmark index dropping below 7,200 points as part of “consolidation” following generally positive reactions to third-quarter corporate earnings results.

The bellwether Philippine Stock Exchange index (PSEi) ended 0.47-percent lower or 34.24 points at 7,198.63. The wider All Shares index was down 0.39 percent or 16.54 points at 4,237.06.

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