Stocks drop after PSEi breached 7,000 level

Published September 14, 2021, 5:56 PM

by James A. Loyola

The local stock market dropped after after hitting strong resistance at the 7,000 level.

The PSEi lost 47.78 points or 0.69 percent to close at 6,920.36 as Holding Firms and Mining stocks led the decline while the Services counter continued to buck the trend.

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Volume surged with the listing of RL Commercial REIT to 4.7 billion shares worth P31.17 billion as losers beat gainers 121 to 70 with 54 unchanged.

“Investors in Philippine stocks turned into profit takers after hitting the 7000 psychological mark intraday to lock in gains over several weeks of successive run-ups,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “trading activity was focused on the maiden voyage of RCR, which finished slightly up to end its first trading session.” “Mean other fund managers focused on US stocks, which snapped their 5-day losing streak and ended Monday higher on gains led by energy companies,” Limlingan said.

Philstocks Financial Research and Engagement Officer Claire Alviar said “The main index declined on last minute profit-taking while understanding the new qurantine measures in Metro Manila.”

She recounted that, “The market gained during the intraday, trying to breach the 7,000 psychological resistance, as the government placed Metro Manila on laxer restrictions compared to Modified Enchanced Community Quarantine (MECQ), starting September 16, 2021, however, bears won at the last minute.”

 
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