Stocks tumble on profit-taking

Published February 17, 2021, 4:38 PM

by James A. Loyola

The local stock market gave up most of the previous day’s gains Wednesday, (Feb. 17) as investors went back to selling mode.

The main index fell 77.63 points or 1.1 percent to close at 6,966.43 as all counters retreated, led by the Financials and Property sectors. 

Volume remained high at 17.23 billion shares worth P19.35 billion as losers outnumbered gainers 145 to 82 with 45 unchanged. 

Photo credit: (https://www.pse.com.ph/)

“Local shares closed much lower as fears surrounding the increased volcanic activity in Taal kept investors in the sidelines,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

AAA Equities Head of Research Chris Mangun said “The PSEi dipped again, ending below the 7,000 key level, as more corporate earnings reports came in.”

He noted that, “Blue chips bank stocks were down significantly… Large-cap property firms also took heavy losses, dragging the whole index lower.”

“Last-minute buying allowed the main index to recover some lost ground however, it still ended the session with a substantial loss,” said Mangun.

Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse declined primarily due to net foreign selling. This comes on the back of the rise in the 10-year US Treasury yield to 1.30 percent. The sudden depreciation of the Philippine Peso also contributed to Wednesday’s foreign fund outflows.“

 
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