Local share prices eased as weakness in US bourses weighed down investor sentiment.
The main index shed 32.85 points or 0.46 percent to close at 7,062.01 as Banks led the retreat while the Mining and Services counters moved up. Volume was slightly lower at 1.87 billion shares worth P7.03 billion as gainers beat losers 107 to 83 with 53 unchanged.
“Philippine shares weakened along with the rest of the region, due to some profit taking weighed by an earnings miss by Goldman Sachs,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped following the negative cues from Wall Street overnight as investors were worried over the state of the US economy.”
She noted that, “the disappointing US retail sales weighed on sentiment as this heightens recession fears. Meanwhile, the reopening of China’s economy was giving mixed sentiment as this may push the US inflation higher amid China’s growing demand.”