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Manila Bulletin devider Business devider The Stock Market devider PSEi drops on profit-taking

PSEi drops on profit-taking

Published Jul 10, 2024 07:33 am

The Philippine Stock Exchange Index (PSEi) dropped on profit-taking despite the Nasdaq and S&P hitting all-time highs.

The main index lost 67.31 points or 1.03 percent to close at 6,489.35 with the Industrial sector posting the biggest loss. Volume was steady at 413 million shares worth P6.22 billion as losers outnumbered gainers 111 to 62 with 62 unchanged.

Regina Capital Development Corporation Managing Director Luis Limlingan said “Philippine shares took a breather, slipping below the 6500 level following Wall Street's mixed results, with the Nasdaq Composite and S&P 500 reaching new records… while the Dow dipped 0.13 percent.”

Last night, US Federal Reserve Chair Jerome Powell warned that prolonged high rates could hinder growth, which further strengthened the street call for a rate cut.

Limlingan also noted that “the market continued to digest the dovish comments from Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr., who highlighted the risks of delaying interest rate cuts to the economy.”

Philstocks Financial Assistant Research Manager Claire Alviar said "The local bourse dropped due to profit-taking after two consecutive days of market rally. Foreign investors also pulled the market down as it registered net selling of P202.79 million."

"Moreover, although the BSP’s rate cut in August was highly anticipated by investors, the possibility that the rate cut may lead to further weakness of the peso to below P59 against the US dollar, negatively affected sentiment," she added. 

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Philippine Stock Exchange index (PSEi) Luis Limlingan Regina Capital Development
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