The local stock market continued to be pulled lower by profit-taking following the decline in US bourses.
The main index lost 44.03 points or 0.60 percent to close at 7,331.65 as the Property sector led the retreat while the Services counter managed to hold its ground.
Volume was lower at 1.02 billion shares worth P7.25 billion as losers edged out gainers 97 to 91 with 47 unchanged.
“Philippine shares closed lower following the sell-off induced by the hotter-than-expected October CPI (consumer price index) from both China and the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors are also awaiting the latest results for the MSCI rebalancing which is supposed to be released tonight in the US.“
Limlingan also noted that, “Other recent earnings releases influenced the repositioning of funds among portfolio managers as well such as with MPI, MEG, SM, MONDE, while other big names are still scheduled for release.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market extended its decline as investors continued to take profits from its 6-day rally which ended last Tuesday.”
He said the market also took cues from Wall Street’s drop overnight caused by the US’ 6.2 percent inflation reading for October. Foreign transactions for the day posted a net outflow of P755.58 million, adding downward pressure to the market.