Stocks pause from 6-day rally


The local stock market took a breather from its rally that started last week as some investors cashed out for the weekend.

The main index shed 22.11 points or 0.30 percent to close at 7,289.61 with the Industrial sector leading the retreat although the Financials and Services counters managed to advance further.

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Volume dropped to 785.36 million shares worth P5.32 billion as losers beat gainers 105 to 82 with 57 unchanged.

“Philippine shares traded slightly lower as investors weighed the lower-than-expected earnings reports from tech stocks against the release of strong jobs data in the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Asian stocks had a mixed session while U.S. futures dipped overnight amid the earnings disappointments and as a China Evergrande Group payment deadline looms. Treasury yields rose on inflation worries.”

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse declined as investors booked gains after 6 straight days of the market rally.”

She noted that, “Investors took profits on the last trading day of the week to avoid uncertainties over the weekend, after the PSEi failed to break the resistance around the 7,300 levels.”