Stock drop amid lack of fresh leads

Published October 28, 2021, 4:29 PM

by James A. Loyola

The local stock market dropped on more profit-taking as investors wait for developments here and from overseas.

The main index fell 72.42 points or 1.00 percent to close at 7,157.73 as the Property and Mining and Oil counters fell with only the Services sector rising.

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Volume was slightly lower at 921.5- million shares worth P7.16 billion as losers beat gainers 121 to 85 with 41 unchanged.

“Philippine shares took a breather after rallying as investors braced for the release of more third quarter earnings, the release of GDP, and more global inflationary concerns,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Across the region, equities fell from recent highs as the momentum from the strong earnings season started to fade.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse declined as investors took profits amid the lack of a positive catalyst.

He added that, “Investors are also taking a cautious stance while waiting for the government’s decision on the social restriction measures of the country after October 31.”

Tantiangco said “The Philippines remaining at the bottom of Bloomberg’s COVID Resilience Ranking which looks at 53 countries also weighed on sentiment.”

 
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