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Manila Bulletin devider Business devider Stocks falls on profit taking in blue chips

Stocks falls on profit taking in blue chips

Published Dec 9, 2020 04:30 pm

The Philippine stock market fell as share prices of heavyweights were ripe for profit-taking.

Traders work beneath an electronic ticker on the trading floor of the Philippine Stock Exchange in Bonifacio Global City (BGC) Metro Manila, the Philippines. (Bloomberg FILE PHOTO)


The main index dropped 101.02 points or 1.4 percent to close at 7,102.66 although the Industrial and Mining & Oil counters continued to advance.
Volume was a hefty 99.2 billion shares worth P9.88 billion with gainers still beating losers 132 to 117 with 27 unchanged.
“Local shares were sold down after the index failed to sustain past the psychological 7200 mark. Funds also returned to other regional market that would be the first beneficiaries of the vaccine,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research Analyst Claire Alviar said that, “In addition, World Bank's revised forecast of the Philippines' GDP contraction this year from 6.9 percent to 8.1 percent dragged sentiment.”
However, AAA Equities Head of Research Chris Mangun noted that, “Trading volumes remain high and second-liners continue to see volatility which tells us that investors are still comfortable with current market conditions. Despite the positive sentiment, investors are not willing to pay a higher price for blue chips at least not before the holidays.“

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