Stocks continue to weaken

Published July 7, 2021, 3:55 PM

by James A. Loyola

The local stock market continued to lose ground after failing to stay above the 7,000 level.

The PSEi shed 49.43 points or 0.71 percent to close at 6,943.00 as share prices fell across the board with the Services counter leading the retreat.

PH STOCKS

Volume was anemic at 1.7 billion shares worth P4.46 billion as losers swamped gainers 127 to 59 with 57 unchanged.

“Philippine shares fell along with the other regional markets with concern that maybe the best of the economic recovery from the pandemic is behind us,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its decline as investors continued to take profits amid the lack of a catalyst.”

He added that, “Inflation concerns also weighed on sentiment due to the uncertainties on the global oil supply amid the disputes within the OPEC+.”

“Finally, the local market took cues from Wall Street’s performance overnight with the S&P 500 breaking its 7-day rally,” Tantiangco noted .

 
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