Local stocks fell in tandem with other bourses in the region which were, in turn, weighed down by the performance of US exchanges.

The main index dropped 82.42 points or 1.12 percent to close at 7,261.54aa the Property sector led the retre although the Industrial and Ming and Oil counters managed to hold their ground. Volume declined to 859 million shares worth P5.3 billion as losers outnumbered gainers 103 to 75 with 50 stocks steady.

“Philippine shares fell following the sentiment abroad as stocks across the region got battered on Tuesday in a volatile start to the holiday-shortened trading week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “rising bond yields, persisting rate pressures and an earnings miss by Goldman Sachs weighed on markets.”

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse dropped as investors took profit from the weak rally yesterday. There was also a spillover of negative sentiment from the Wall Street performance overnight amid rising US bond yields.”

She added that, “We think that the market could only hold its ground above the 7,300 level if COVID-19 cases will be on a downtrend already and hopes for laxer restrictions will rise.”