The local stock market finally gave way to profit-taking to end the last day of an upbeat week in the red.

The main index dropped 85.29 points or 1.27 percent to close at 6,633.22 as the Holding Firms and Property counters led all sub indices in the retreat.

Volume was steady at 2.04 billion shares worth P6.3 billion with gainers actually beating losers 113 to 78 with 47 unchanged.

“Philippine shares succumbed to profit taking after 4 days of being bought as the sentiment from overseas spilled over,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Jobless claims in the US last week hit its new pandemic low at 348,000, while the Philadelphia Fed Index reading was lower than expected at 19.4 (versus consensus of 22). Goldman Sachs also cut its GDP projection for the current quarter to 5.5 percent from 9 percent.

“Asian shares plunged, on the other hand, were amid concerns about the rising Delta variant infections. Here at home, the IATF placed NCR under MECQ until end-Aug which helped shares fall less than our neighbors,” he added.

Philstocks Financial Research and Engagement Officer Claire Alviar said “The market dropped at the last minute, erasing earlier gains in the session as investors booked profits to avoid any uncertainties over the weekend while digesting the decision of the government to put Metro Manila under Modified Enhanced Community Quarantine (MECQ).”

She noted that, “Foreigners turned net sellers today, amounting to P175.12 million which weighed on the market performance.”