The local stock market remained below its 6,700 support level as investors continue to sell amid rising exodus of later and less interest rate cuts this year.

The main index lost 18.26 points or 0.27 percent to close at 6,659.39 although only the Property and Holding Firms sectors dropped. Volume was hefty at 523 million shares worth P6.77 billion as losers beat gainers 108 to 77 with 51 unchanged.

“The local bourse has extended its losing streak on last minute selling. Meanwhile, oil prices fell as worries on inflation overshadowed fears on Iran’s retaliation strike against Israel,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Assistant Research Manager Claire Alviar said, “the local bourse failed to rise above the 6,700 support level, dropping as investors sold shares at the last minute amid uncertainties on policy rates.”

“It has already been anticipated that the Bangko Sentral ng Pilipinas and Federal Reserve would cut interest rates this year. However, given the increasing risks to the inflation, this could lead to a more cautious approach from both central banks,” she explained.

Alviar added that “foreign investors pulled the market down, registering an outflow of P567.78 million.”