Stocks decline on some profit-taking

Published September 9, 2021, 4:55 PM

by James A. Loyola

The local stock market gave way to some profit-taking after rallying for the past trading days.

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The PSEi shed 25.37 points or 0.37 percent to close at 6,924.02 although only the heavyweight Holding Firms and Services counters weakened.

Volume dropped to 920.41 billion shares worth P4.39 billion as losers barely edged out gainers at 96 to 94 with 44 unchanged.

“Philippine shares slid following overseas market with Wall St. retreating for the third straight trading day after the market started downgrading the U.S. growth prospects,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Back home, the U.K.-based think tank Pantheon Economics forecasts that inflation will accelerate further, driven by the rising global commodity prices.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market gave in to selling pressures after economic worries took over sentiment as it remains uncertain when the National Capital Region will be shifted to more relaxed restrictions, leaving the said region under MECQ.”

He noted that, “The local bourse also took cues from Wall Street’s negative performance overnight.”

 
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