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Manila Bulletin devider Business devider Stocks lower on profit taking

Stocks lower on profit taking

Published Feb 3, 2021 05:39 pm

The local stock market lost early gains as profit-taking pushed down share prices.

Photo credit: PSE file.


The main index shed 8.42 points or 0.12 percent to close at 6,859.46 although the Industrial and Holding Firms counters posted small gains.
Volume was slightly lower at 40.57 billion shares worth P9.58 billion as losers edged out gainers 110 to 106 with 44 unchanged.


“The local market was unable to successfully get past its 6,900 resistance level as investors booked gains out of its 2-day rally,” said Philstocks Financial Senior Analyst Japhet Tantiangco.

He added that, “Concerns over the jump of our national government’s outstanding debt and its possible repercussions to the economy also weighed on sentiment.”

AAA Equities Head of Research Chris Mangun said “The PSEi ended slightly lower, mainly flat, as investors took some profits from the rally that we saw at the beginning of the week.”

He noted that, “Trading in blue chips has slowed down with most investors focusing on second and third liners.”


Mangun also observed that, “Optimism is limited and investors are more cautious this time around which is evident in the current trend. The rally may have kept selling at bay however, it has not drawn too much buying. Investors continue to take a wait-and-see attitude and monitor current economic developments.”

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PSE AAA Equities Philstocks Financial
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