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Manila Bulletin devider Business devider Stocks take a breather after 6-day rally

Stocks take a breather after 6-day rally

Published Nov 10, 2021 04:42 pm

The local stock market finally yielded to some profit-taking after a 6-day rally tracking a similar pause in US bourses.

The main index dropped 65.99 points or 0.89 percent to close at 7,375.68 with heavyweights Banks and Holding Firms leading the retreat. Losers beat gainers 116 to 77 with 56 unchanged.

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Volume rose to 1.17 billion shares worth P11.16 billion with Synergy Grid & Dev't Phils, Inc. accounting for more than 28 percent of total trades after at listing of its follow-on shares.

“Philippine shares pulled back from their year-to-date high as investors locked in some gains ahead of the release MSCI results later,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “U.S. stocks snapped their 8-day winning streak on Tuesday as investors took some profits after an October rally and awaited key inflation data ahead.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market pulled back this Wednesday as investors take profits out of its preceding 6-day rally.”

He noted that, “The market also took cues from Wall Street’s overnight decline ahead of the release of the US’ October inflation report.”

“Foreigners were net buyers for the day with net inflows amounting to P517.29 million. Net foreign buying is already on a 5-day streak averaging P661.15 million per day,” said Tantiangco.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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