Stocks drop ahead of long weekend

Published August 27, 2021, 4:37 PM

by James A. Loyola

The local stock market ended lower as investors cashed out ahead of the long weekend.

The main index declined by 33.91 points or 0.50 percent to close at 6,786.62 as the Property sector led the retreat while the Industrial and Financials sectors managed to advance.

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Volume was weaker at 1.62 billion shares worth P6.86 billion as losers beat gainers 100 to 84 with 64 unchanged.

“Philippine shares closed in the red ahead of tonight’s (US Federal Reserve) Jackson Hole symposium,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Back home, the BSP reported that the hot money left the country in July. The net outflows totaled $453 million, a reversal from last June’s net inflows.”

Philstocks Financial Research and Engagement Officer Claire Alviar said “The PSEi extended its decline by as traders continue to book gains ahead of the long weekend.”

“Also, negative sentiment from abroad affected the market with the US indices dropping overnight as investors monitor Federal Reserve’s Jackson Hole Symposium in which investors look for more details into the Fed’s plans to taper monetary stimulus,” she noted.

 
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