The local stock market dropped as investors pocketed gains after a three-day rally.
The PSEi declined 67.55 points or 1.0 percent to close at 6,660.05 as Holding Firms led the retreat although Banks, Industrials, and Mining firms advanced. Volume improved slightly to 1.69 billion shares worth P8.0 billion as losers beat gainers 105 to 79 with 36 unchanged.
“Philippine shares alongside with the US slipped once again, as the major regional indices posted their biggest drop since 2020,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “The move came after big-box retail earnings indicated inflation was weighing on earnings.“
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market pulled back as investors booked gains from its preceding 3-day rally. The profit taking was backed by the negative spillovers from Wall Street’s overnight plunge amid inflation and interest rate worries in the US.“
He added that, “Investors also traded cautiously while waiting for the Bangko Sentral ng Pilipinas’ policy rate decision.”