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Manila Bulletin devider Business devider The Stock Market devider Stocks drop as investors pocket gains

Stocks drop as investors pocket gains

Published Jul 29, 2024 08:11 am

Local share prices fell on profit-taking following gains made last week.

The main index lost 76.78 points or 1.14 percent to close at 6,649.23 as Banks led the retreat while Industrials managed to buck the trend. A total of 658 million shares worth P5.06 billion changed hands as losers beat gainers 105 to 83 with 55 unchanged.

“Philippine shares succumbed to profit taking before the month’s end, as investors looked to cash in after July saw a substantial rise in the index,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Funds are also gearing up for another economic data heavy week with more company earnings coming in as well.”

Philstocks Financial Assistant Research Manager Claire Alviar said The local bourse dropped due to a lack of a strong catalyst. Foreign investors weighed on the market, recording a net outflow of P500.43 million.”

She noted that, “Investors are waiting for the Federal Reserve meeting, which could influence Bangko Sentral ng Pilipinas’ decision regarding interest rates.

“Chart-wise, the market’s resistance was still pegged at 6,700-6,800, and it seemed the market is struggling to break and stay above this level.”

Related Tags

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