The local stock market fell  Thursday, (February 18) as investors are jittery over developments here and overseas.

The PSEi lost 116.79 points or 1.68 percent to close at 6,849.64 although the Financials and Mining and Oil counters advanced.  Volume dropped to 16.62 billion shares worth P8.9 billion as losers edged out gainers 113 to 109 with 39 unchanged.

“Philippines shares fell once again after minutes from the Federal Reserve’s January meeting showed officials were skeptical about the US economy improving enough to warrant removing monetary stimulus any time soon,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that, “Investors also remained cautious as volcanic activity in Taal restricted the movement in certain towns in Batangas.”

Philstocks Financial Senior Analyst Japhet Tantiangco said “Lack of compelling catalysts resulted in another day of profit taking... Net foreign outflows also intensified adding downward pressure to the local market.”

AAA Equities Head of Research Chris Mangun said “The PSEi extended its losses as more investors unloaded positions despite the positive developments.”

He noted that, “Hefty gains in Metrobank after declaring a 300 percent increase in cash dividends could not balance out the losses in larger capitalized blue chips.”

While the Metro Manila Council of Mayors voted in favor of easing quarantine status for the coming month of March, Mangun said the slower than expected economic recovery may have resulted in the pessimistic sentiment.