The local stock market dropped due to selling pressures.
The main index lost 49.83 points or 0.67 percent to close at 7,369.27 as the Holding Firms counter led the retreat although the Industrial and Mining and Oil counters managed to advance.
Volume stayed in the same range with 1.31 billion shares worth P8 billion changing hands as losers beat gainers 126 to 62 with 51 unchanged.
“Philippine shares succumbed to profit taking ahead of the US holiday and after the release of the recently published Fed’s minutes which showed that central bankers were open to speed up the tapering amid inflation worries,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market dropped following three consecutive days of gains.”
He noted that, “Sentiment took a hit from the Federal Reserve’s latest minutes of the meeting which shows that its members are willing to raise policy rates sooner than anticipated if the US’ inflation continues to accelerate.”