The local stock market started the weak on a sour note as share prices dropped on concerns over US corporate earnings and inflation.
The main index fell 78.07 points or 1.07 percent to close at 7,211.54 as Property and Holding Firms led the retreat while Banks and Services counters held their ground.
Volume was also weak at 913.57 million shares worth P5.57 billion with losers beating gainers 120 to 75 as 55 were unchanged.
“Philippines shares closed lower amid the US earnings disappointments and as the China Evergrande Group payment deadline looms,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Treasury yields rose on inflation worries.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Profit taking continued as inflation concerns weighed on sentiment amid the elevated global oil prices with the benchmark Brent crude hitting $86.00 per barrel.”
He noted though that, “Foreigners were net buyers with net inflows amounting to P79.74 million.”