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Manila Bulletin devider Business devider Stocks lower on last day of semester

Stocks lower on last day of semester

Published Jun 30, 2021 04:58 pm

The local stock market dropped after approaching the 7,000 resistance level as investors chose to pocket gains rather than push up share prices.

PH STOCKS

The main index lost 54.74 points or 0.79 percent to close at 6,901.91 as the Property sector led the retrear although sub-indices were evenly mixed.

Volume was a little higher at 1.85 billion shares worth P6.38 billion as losers beat gainers 109 to 94 with 47 remaining steady.

“Funds cleaned portfolios to close the semester as positive sentiment failed to spillover from the US’s strong macroeconomic data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Instead, many are keeping vigilant as they watch the spread of the Delta variant.”

Philstocks Financial Research and Engagement Officer Claire said “The local bourse dropped due to profit-taking as it trades near the psychological resistance of 7,000 and amid the absence of a positive catalyst at home.”

She added, “The sentiment was further pulled by the worries over the Delta Variant and by the downgrade of the Philippine economic growth forecast to 6.4 percent this year by the ASEAN+3 Macroeconomic Research Office.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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