The local stock market fell on profit-taking following a strong three-day bounce.
The main index lost 112.62 points or 1.61 percent to close at 6,863.01 as Conglomerates led the drop with only the Services sector managing to advance. Volume was stable at 1.37 billion shares worth P5.64 billion as losers beat gainers 111 to 86 with 57 unchanged.
“Philippines shares finally succumbed to profit-taking after successive sessions in the green, while Wall Street closed mixed as concerns over Nvidia’s earnings and escalating political tensions weighed on investor sentiment,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “local shares were sold on news after the reassurances from the Bangko Sentral ng Pilipinas… the BSP signaled that the Philippines remains in a monetary policy easing cycle, with the potential for a total rate cut of up to 100 basis points next year.”