The local stock market dipped as investors cashed out for the weekend after the sharp gains made in the last 2 days.
The main index shed 17.72 points or 0.24 percent to close at 7,290.03 as sectoral indices were evenly mixed with Banks leading the retreat while the Mining and Oil counter led advancers. Volume improved but remained low at 947 million shares worth P5.8 billion as losers beat gainers 97 to 77 with 53 unchanged.
“Philippine shares ended the session with some profit taking, tracking the performance of the US markets as investors considered a fresh read on weekly unemployment claims and wholesale price inflation out of Washington,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Meanwhile, the Philippines’ 2021 gross international reserves slipped 1.11 percent year-on-year to $108.89 billion. The full year dollar reserves reported were also 1.90 percent short of BSP’s year-end forecast of $111 billion.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse declined as investors booked gains from its preceding 2-day rally.“
He noted that, “Sentiment was dampened by yesterday’s surge of local cases to a new record high of 34,021.”
“The negative spillovers from Wall Street’s overnight performance amid worries over the US’ inflation and the Federal Reserve’s possible monetary tightening also weighed on the local bourse,” Tantiangco added.