Stocks down on profit taking

Published March 26, 2021, 5:23 PM

by James A. Loyola

The local stock market weakened as investors booked profits ahead of the weekend and rising new COVID-19 cases.

The main index shed 36.37 points or 0.55 percent to close at 6,544.63 with sectoral indices evenly mixed.

Volume remained low at 4.91 billion shares worth P6.28 billion as gainers outpaced losers 101 to 92 with 49 unchanged.

“Philippine shares closed lower as the number of COVID cases in the country reach an all time high yesterday, while other investors returned to the US based on improving economic data and the resulting rise in Treasury yields,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

The US GDP growth estimate was revised upwards while initial jobless claims declined more than expected.

He added that, “Others sold on news after BSP policymakers left the key rates untouched during their meeting yesterday which was the consensus forecast.”

Philstocks Financial Research Associate Claire Alviar said “The local bourse lost ground as investors took profits after three straight days of gain. Negative sentiment also spilled over as the Department of Health reported another record-high Covid-19 daily cases yesterday.