The local stock market started the shorter week in the red as investors hesitate to buy up shares.
The main index lost 47.91 points or 0.66 percent to close at 7,224.89 with only the Property counter managing to hold its ground.
A total of 33.38 billion shares worth P8.49 billion changed hands as losers beat gainers 144 to 83 with 42 unchanged.
“Philippine shares dipped out of caution ahead of the US fiscal aid deal. Notably, the PSEi pulled-back from the 7300 resistance,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris Mangun said “The PSEi ended lower today after we saw a heavy increase in selling pressure at the beginning of the session. The minimal buy posts caused a sharp drop in prices.”
However, he noted that, “Buyers came in and picked up shares at lower prices which trimmed losses for the day.”
“Trading volumes on blue chips declined volume of second liners and speculative issues spiked as investors try to seal a profit before the holidays,” Mangun added.(JAL)