The local stock market gave up some gains as investors took profits following weakness in US bourses. The main index lost 66.0 points or 0.99 percent to close at 6,606.69 as Banks led the retreat while the Mining and Oil sector bucked the trend and advanced. Volume improved but remained low at 567 million shares worth P4.92 billion as losers edged out gainers 91 to 86 with 56 unchanged. “Philippine shares traded in the red on fears of a possible regional banking sector contagion ahead of the Fed's rate decision,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that, “Back home, the S&P Global PH PMI reading stood at 51.4 in April--the slowest in 8 months.” Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped as investors booked some gains after the three consecutive days of market rally, tracking the losses on Wall Street last night.” “Investors were also cautious while waiting for the decision of the Federal Reserve on interest rates as well as April’s inflation rate at home,” she noted. China Bank Capital Managing Director Juan Paolo Colet said “The index was unable to sustain yesterday’s breakout of 6,650 as market sentiment was dampened by increased risk that the US debt limit will not be lifted by June 1. We anticipate trading volatility as investors digest the Fed policy rate announcement as well as developments in the US debt ceiling issue.”