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Manila Bulletin devider Business devider Stocks drop as investors cash out for the weekend

Stocks drop as investors cash out for the weekend

Published Sep 17, 2021 05:08 pm

Stock prices declined as investors opted to cash out before the week ends.

The main index dropped 55.58 points or 0.80 percent to close at 6,912.85 led by profit-taking in the Services sector while only the Financials counter managed to advance.

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Volume jumped to 1.81 billion shares worth P15.22 billion as losers beat gainers 119 to 74 with 52 unchanged.

“Philippine shares ended Friday lower as investors weighed mixed signals in the latest U.S. economic data and a stock market pullback in China,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse dropped due to profit-taking on the last trading day of the week.”

She added that, there was also “a spillover of negative sentiment after Moody's Investors Service trimmed its Philippine GDP growth projection for 2021 to 4.8 percent due to the reimposition of strict lockdowns and slow vaccine rollout.”

Noting the large value turnover, Alviar said “If profit-taking with huge market participation continues, the market may decline further and may not be able to successfully breach the 7,000-7,100 levels.”

Related Tags

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