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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 Feb 16, 2024 08:21 am

The local stock market closed slightly lower as some investors locked in gains made during the week.

The main index shed 8.92 points or 0.13 percent to close at 6,873.23 with sectoral indices evenly divided. Volume was low at 1.48 billion shares worth P4.58 billion as gainers edged out losers 85 to 83 with 65 unchanged.

“The local bourse concluded the last trading day of the week in the red as investors cashed in their gains,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “stateside, retail sales dropped 0.8 percent in January, worse than the  0.3 percent decline expected by economists.“

Philstocks Financial Assistant Research Manager Claire Alviar said that “on the last trading day of the week, the local bourse dropped due to last minute profit taking following the three consecutive days of market rallies.”

“The local market mostly traded in the green territory amid positive developments in the local economy. The Bangko Sentral ng Pilipinas (BSP) has lowered its risk adjusted inflation forecast for 2024 to 3.9 percent. Additionally, OFW cash remittances and approved foreign investment pledges last year both recorded strong performances,” she noted.
 

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