The local stock market dropped on the last trading day of the week as investors begin selling their incurred gains.
The main index fell by 26.33 point or 0.43 percent closing at 6,161.89 with all sectoral indices ,minus the Services sector, in green.
Total volume of shares traded ended at 312 million valued at nearly P3 billion as losers trump gainers 102 to 65 with 45 unchanged.
Philstocks Financial Assistant Research Manager Clair Alviar said the “local bourse dropped as investors took some gains following six consecutive days of a market rally.”
“Moreover, the hawkish remarks from Federal Reserve Chair Jerome Powell weighed on the sentiment,” she added.
Regina Capital Development Corporation Managing Director Luis Limlingan said “Philippine shares finally succumbed to profit taking, after Fed Chair Jerome Powell said the central bank is “not confident” it has done enough in the battle against inflation.”
He explained that “bond yields moved higher as stocks fell on Powell’s speech. The 10-year Treasury jumped more than 12 points and was last trading at 4.632 percent.”