The local stock market declined as investors pocket more gains while waiting for more news from thr US and the domestic front.
The main index dropped 38.90 points or 0.55 percent to close at 7,068.92 as sectoral indices were evenly mixed with the Industrial counter posting the biggest loss while the Mining and Oil sector continued to rally.
Volume was higher at 1.33 billion shares worth P11.93 billion as losers beat gainers 111 to 89 with 48 unchanged.
“Philippine shares fell later in the session with stateside investors awaiting the release of September consumer price index and third quarter earnings of major firms tonight,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Yesterday’s lower-than-expected August job openings also dragged the market to close lower.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Late day selling sent the local market lower. Inflation concerns amid the elevated global oil prices and agricultural damages caused by the recent typhoons were seen to have caused the negative sentiment.”
He noted that, “Investors also took a cautious stance while waiting for the government’s decision on the social restriction measures of the country after October 15.”