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Stocks fall on continued profit-taking

Business | The Stock Market

Stocks fall on continued profit-taking

By James A. Loyola

The local stock market fell as investors continued to take profits made during the recent rally.

The main index lost 74.62 points or 1.09 percent close at 6,798.61 as the Property counter led all sectors in the retreat. Volume was thin at 637 million shares worth P4.22 billion as losers whalloped gainers 134 to 59 with 49 unchanged.

“Philippine shares started the week with some profit taking as the latest FTSE results indicated that several names would be removed during the next rebalancing date,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse declined as investors extended their profit taking after the market rallied for four straight weeks. The negative cues from the US markets last Friday, amid the rise in the US’ January producers price index, weighed further on the sentiment.”

Related Tags

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

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