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Manila Bulletin devider Business devider Stocks down on profit-taking

Stocks down on profit-taking

Published Dec 1, 2022 04:22 pm

The local stock market bucked the regional trend and started December with some profit-taking following six-day rally.

The main index dropped 45.79 points or 0.68 percent to close at 6,734.99 although sectoral indices were evenly mixed. A hefty 796 million shares worth P10.11 billion changed hands as gainers still beat losers 112 to 77 with 40 unchanged.

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“Philippine shares started the month on profit taking, with investors selling on news, with Fed Chair Jerome Powell's statement, signaling slower rate hikes,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted though that, “Powell cautioned the Fed may stay with restrictive policy for a long time before it ends its inflation fight.“

Philstocks Financial Assistant Research Manager Claire Alviar said “After six consecutive days of a market rally, the local bourse dropped as investors booked profits.”

She added that, “Also, Bangko Sentral ng Pilipinas (BSP)'s inflation forecast of 7.4 percent to 8.2 percent in November, somehow, weighed on sentiment as the median of 7.8 percent remains higher than last month's 7.7 percent inflation rate.“

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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