The local stock market weakened further as investors continue to lock in their gains.

The main index dropped 37.29 points or 0.58 percent to close at 6,377.79 with only the Industrial and Services counters managing to advance.
Volume dropped to 1.75 billion shares worth P6.8 billion although gainers outnumbered losers 112 to 89 with 46 unchanged.
“Philippine stocks finished mostly lower as a spike in new cases overseas sent most value stocks lower, while other investors appeared to try and position their portfolios with less than a week until the November 3 US elections,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris Mangun noted that, “The PSEi continued lower as selling pressure picked up. More investors are now securing profits from the recent rally which is giving investors who have not been able to ride the rally, a chance to pick up shares at lower prices.”
He added that, “As more third quarter earnings reports come in, investors are realizing that the numbers are not as bad as what was expected. With more mobility and business restrictions lifted by the day, economic activity will continue to pick up.”