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Manila Bulletin devider Business devider The Stock Market devider Stocks drop on profit-taking after 6-day run

Stocks drop on profit-taking after 6-day run

Published Sep 29, 2023 08:24 am

The local stock market ended its six-day rally and finally gave way to profit-taking on the last trading day of the week, month, and end of the third quarter.

The main index fell by 64.28 points or 1.01 percent to close at 6,321.24 as the Services sector led the retreat although Miners managed to continue advancing. Volume jumped to 1.71 billion shares worth 13.11 billion as gainers edged out losers 99 to 92 with 66 unchanged. 

“Philippine shares finally succumbed to profit taking to end the third quarter, with many portfolio managers now monitoring bond movements,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He noted that, “the surge in rates has lingering concerns about a recession and sending equities to low levels.”

Philstocks Financial Research Manager Japhet Tantiangco said, “the local market declined as investors booked gains following a 6-day rally. Investors also took a cautious stance as our September inflation data is set to be released next week with the BSP projecting it to be within 5.3 percent to 6.1 percent, implying the possibility that it would be faster than August’s 5.3 percent.”

China Bank Capital Corporation Managing Director Juan Paolo Colet said, “the market’s six-day rally came to a close with news-driven selling in UBP and BLOOM contributing to the slide.“

The Philippine Stock Exchange announced that UBP will exit the index on October 4, while BLOOM disclosed a top-up placement transaction at P10.00 per share.
 

Related Tags

Juan Paolo Colet Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco China Bank Capital
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