The local equities market weakened further as investors continue to pocket gains from a stalled rally.
The PSEi dropped 36.54 points or 0.53 percent to close at 6,851.38 with only the Industrial and Services sectors advancing while the Property index led the retreat.
Volume was lower at 2.25 billion shares worth P9.8 billion as losers outnumbered gainers 106 to 98 with 46 unchanged.
“Philippine stocks posted another consecutive day of closing in the red, following the Fed’s latest policy update and the rebalancing of the FTSE,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added though that, Bangko Sentral Governor Benjamin Diokno assured that the US Federal Reserve’s decision to push up policy rates sooner than expected is not an immediate threat to the PH monetary policy.”
“He noted that the Philippines has solid macroeconomic fundamentals, and interest rates are at rock bottom,” said Limlingan.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market closed lower as investors continued to take profits after the market gave up its ground at the 6,900 level.”
He said “The decline in the Philippines’ ranking to 52nd place in the International Institute for Management Development’s 2021 World Competitiveness Report also weighed on investor sentiment.”