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Manila Bulletin devider Business devider The Stock Market devider Local shares decline on profit-taking

Local shares decline on profit-taking

Published Nov 23, 2023 09:08 am

The local stock market slightly dipped as investors pursue profit-taking measures influenced by stateside trading pauses for the holidays. 

The PSEi declined by 6.98 points or 0.11 percent closing at 6,246.20 with majority of sectoral indices in red. 

Volume of shares traded totaled 453 million worth P2.33 billion as losers edge gainers 91 to 74, with 48 unchanged. 

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said the local market dropped due to a "lack of a positive catalyst" from investors who resorted to taking profits. 

This has also caused many to "remain on the sidelines," resulting in a weak market participation of P2.24 billion net value turnover, lower than the year-to-date average of P4.89 billion, he added. 

Meanwhile, Regina Capital Development Corporation Managing Director Luis Limlingan noted that "Philippine shares traded mixed with thin volumes as US investors headed into the Thanksgiving holiday."

The US Treasury yields also "briefly fell at 4.41 percent, which marks a significant drop for 10-year yield after it crossed the 5 percent mark in October for the first time in 16 years," he added.. 

Limlingan also mentioned that the New York Stock Exchange (NYSE) was also closed for Thanksgiving on Thursday and close early on Friday. 

 

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