The local stock market fell as investors turned less bullish on the eve of the new year of the Ox.
The main index dropped 91.14 points or 1.29 percent to close at 6,991.01 with only the Financials and Mining & Oil counters holding their ground.
Volume climbed to 22.92 billion shares worth P15.09 billion as losers beat gainers 131 to 95 with 44 steady.
“Philippine shares closed lower ahead of the long weekend as the market absorbed new corporate earnings releases and upon the release of the tamed CPI data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Others realigned portfolios to match that of the recalibrated PSE index which takes effect on Monday February 15.”
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse declined on profit taking. Investors booked gains out of the market’s prior 5-day rally ahead of the long weekend.”
“At the same time, investors are looking towards the upcoming policy decision of the Bangko Sentral ng Pilipinas. While the expectation is that policy rates would be kept unchanged, investors are seen to look for clues regarding the country’s inflation moving forward,” he noted.