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Manila Bulletin devider Business devider Stocks pull back on profit taking

Stocks pull back on profit taking

Published Sep 16, 2020 04:36 pm

Share prices dropped Wednesday as investors were quick to pocket gains amid uncertainties.

The Philippine Stock Exchange index dropped 71.59 points, or 1.19 percent, to close at 5,946.62 with only the Mining and Oil counter managing to advance.

Volume was slightly lower at 652 million shares worth P5.36 billion as losers outnumbered gainers 97 to 87 with 52 unchanged.

“Local shares were sold ahead of a policy update by the Federal Reserve, Bank of Japan and Bank of England and increased tension from the US trade war,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AAA Equities Head of Research Chris Mangun said “The PSEi ended lower, wiping out its gains since the beginning of the week as selling pressure picks up. Losses were felt across the board as investors reduce risks while monitoring the pace of the economy’s recovery.”

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