The local stock market declined at the end of the trading week after investors pocketed gains from the recent rally in share prices.
The main index dropped 42.75 points or 0.59 percent to close at 7,192.17 as banks led the retreat across the board.
Volume rose to 3.57 billion shares worth P15.53 billion as losers barely beat gainers at 103 to 99 with 43 unchanged.
“Local shares were sold as investors took in some of their profits ahead of the CPI data release this Friday in the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “At home, factory output expanded for the seventh consecutive month in October, albeit at a slower pace. Volume of Price index during the month grew by 24.7 percent year-on-year versus a growth of 123.1 percent the month prior.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market pulled back this Friday as investors took profits out of its preceding 5-day rally.”
He noted that “Investors also took a cautious stance while waiting for the US’ November inflation data which could have a significant influence on the Federal Reserve’s policy direction moving forward.”