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Manila Bulletin devider Business devider The Stock Market devider Stocks dip on late profit-taking

Stocks dip on late profit-taking

Published Oct 2, 2023 08:42 am

The local stock market dipped as investors take profits ahead of the release of economic data here and in the US. 

The main index declined by 16.71 points or 0.26 percent to close at 6,304.53 as the Property counter led the retreat while the Industrial and Services sectors advanced. Volume dropped to 591 million shares worth P3.86 billion as gainers beat losers 92 to 75 with 63 unchanged. 

“Philippine shares were traded quietly to start the last quarter of the year, as the country gears up for a fresh batch of data,” 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. Investors also unloaded some gains while waiting for the release of the Philippine Inflation rate.”

“The possibility that the inflation rate will be higher than August’s figure weighed on sentiment particularly that the Bangko Sentral ng Pilipinas may raise interest rates,” she noted. 
 

Related Tags

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