The local stock market weakened as investors took profits following the release of lower manufacturing data.
The PSEi lost 76.22 points or 1.02 percent to close at 7,382.77 as the Property and Industrial sectors led the retreat across the board. Volume declined to 1.69 billion shares worth P6.75 billion as losers outnumbered gainers 115 to 83 with 57 unchanged.
“Philippine shares succumbed to profit taking after testing previous high ahead of the January CPI report, and PSEi rebalancing announcement,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Economic data in the US was weak as well, as ADP employment report showed a miss in estimates, falling by 301,000 in January (versus consensus estimate of 200,000 newly added jobs).“
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse pulled back as investors took profits out of its preceding 2-day rally.“
“Investors also digested the country’s dismal manufacturing sector performance last month with the IHS Markit Philippines Manufacturing PMI standing at 50.0, indicating no progress in the said sector,” he noted.