The local stock market took a breather from its climb last week while cautious investors locked down gains prior to the announcement of the new quarantine classification.
The main index shed 20.03 points or 0.29 percent to close at 6,877.10 although only the heavyweight Holding Firms and Services counters lost ground while the Mining and Oil sector posted strong gains.
Volume declined to 1.8 billion shares worth P5.3 billion as gainers beat losers 95 to 86 with 57 unchanged.
“The local bourse declined as investors took profits from its preceding 2-day climb,” said Philstocks Financial Senior Supervisor for Research Japhet Tantiangco.
He added that, “Investors took a cautious stance while waiting for the government’s final decision on the quarantine measures of the country starting September 8, 2021. COVID-19 concerns also weighed on sentiment as our daily new case counts remain elevated with the past 3 days exceeding 20,000.”
Regina Capital Development Corporation Managing Director Luis Limlingan said “Philippine shares closed lower with the US on holiday tomorrow and investors stateside waiting for the release of housing and jobs data for Wednesday and Thursday, respectively. The futures market suggest a muted start to the week.”
He noted that, “Back home, others are keeping an eye out for the August inflation data and July unemployment data will be out tomorrow.”