Stocks lost early gains before inflation report

The local stock market lost early gains to end lower as investors opted to take profits late in the session.

The main index lost 47.52 points or 0.73 percent to close at 6,442.13 as the Services sector led the retreat although the Industrial and Property counters remained in the green. Volume eased to 514 million shares worth P5.64 billion as losers outnumbered gainers 105 to 83 with 54 unchanged.

“Some spillover from Friday's profit taking continued towards closing as a handful of US and Philippine data releases for investors to digest this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “Last minute profit taking pulled the market down. The local bourse was trading in the green earlier in the session as investors cheered the easing of Covid-19 restrictions in China but it gave up gains at the last minute amid worries over the Philippine inflation rate that will be released this week.”