The local stock market dropped on profit-taking, prompted partly by the withdrawal of US President Joe Biden as candidate for reelection later this year.
The PSEi lost 79.64 points or 1.17 percent to close at 6,712.05 with the Services sector leading the retreat while the Property and Mining indices advanced. Volume was firm at 531 million shares worth P6.23 billion as losers outnumbered gainers 107 to 72 with 60 unchanged.
“The local bourse dropped as investors took profits following the market’s four straight days of rallying,” said Philstocks Financial Assistant Research Manager Claire Alviar.
She noted that “investors were also waiting for the President’s State of the Nation Address (SONA) this afternoon. Many issues that investors want to hear about, especially the government’s plan to meet the economic growth target in the coming years.”
“Overseas, Asian peers were mostly in the red as investors digested President Joe Biden’s withdrawal from the 2024 presidential race,” Alviar added.
Regina Capital Development Corporation Managing Director Luis Limlingan said “investors sold off start of the week as US politics got jolted by the surprising announcement of President Joe Biden to step down from the upcoming presidential race."
“Many are also keeping an eye out for what President Marcos will discuss during his latest SONA this afternoon,” he added.