Local share prices fell after the previous day’s spike after weakness i US markets prompted investors to take profits.
The main index lost 149.22 points or 2.24 percent to close at 6,525.16 as the Property sector led the retreat although the Services and Mining and Oil counters managed to stay ahead. Volume was relatively stable at 499 million shares worth P6.05 billion as losers beat gainers 104 to 68 with 47 unchanged.
“Philippine shares tumbled on worries that the Fed wouldn’t be able to engineer a soft landing,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors also sold positions ahead of the holidays as a precaution against all the global volatility.”
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market pulled back this Wednesday as investors took profits after a huge climb yesterday. Negative spillovers from Wall street and neighboring markets also weighed on sentiment.”
He noted that, “Investors also digested the decline in the number of our labor force participants and employed of 1.5 percent and 1 percent month-on-month, respectively.”