Stocks succumb to profit-taking

Published October 7, 2021, 4:47 PM

by James A. Loyola

The PSEi failed to hold above the key 7,000 level as stocks succumbed to profit-taking after rising in the first three days of the week.

The main index fell 106.15 points or 1.5 percent to close at 6,951.30 with the Services counter suffering the biggest loss while the Financials sector was the only one that managed to advance.

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Volume surged to 1.4 billion shares worth P13.17 billion as losers dominated gainers 137 to 62 with 46 remaining steady.

“Investors returned to the US and the rest of Asia, while profit taking in Philippine markets as lawmakers gained headway on the debt ceiling debate, and the 10-year Treasury note yield neared 1.5 percent,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “The Treasury bond yields reached its highest level since June intra-day, as news surrounding the elevated energy prices unsettles investors.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse fell as investors took profits out of its preceding 3-day rally.”

He added that, “Nikkei Asia’s COVID-19 Recovery Index in which the Philippines ranked last also weighed on market sentiment.”

 
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