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Stocks lower on late profit-taking

Business | The Stock Market

Stocks lower on late profit-taking

By James A. Loyola

By James A. Loyola

The local stock market ended weaker after some gains early in the day after investors started pocketing profits.

The main index lost 22.28 points or 0.33 percent to close at 2,697.04 with Banks leading the retreat. Volume was firm at 352 million shares worth P5.41 billion as losers beat gainers 98 to 79 with 55 unchanged.

“The local market dropped due to last-minute profit-taking after a 3-day consecutive climb. This Thursday’s correction may imply that investors are not yet prepared to see the bourse above the 6,700 resistance level,” said Philstocks Financial Research and Engagement Officer Mikhail Plopenio.

Regina Capital Development Corporation Managing Director Luis Limlingan said “local shares succumbed to profit taking following a successive run-up of the index as investors bet that the unsuccessful assassination attempt boosted Donald Trump's chances of reclaiming the White House.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial

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