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Manila Bulletin devider Business devider The Stock Market devider Investors take profits, PSEi ends lower for the week

Investors take profits, PSEi ends lower for the week

Published Jul 5, 2024 08:23 am

The Philippine Stock Exchange (PSE) edged lower as investors took profits before the bourse closed for the weekend.

The PSE index shed 14.74 points or 0.23 percent to close at 6,492.75 with sectoral indices evenly divided. Volume decreased to 455 million shares worth P4.24 billion as losers outpaced gainers 94 to 90, with 63 unchanged.

“Investors turned into profit takers using the CPI reading to sell on news and close positions to kick off the first week of the second half of 2024,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added, “The main bourse slipped below 6500 after trading more at least half a percent up intraday.”

Philstocks Assistant Research Manager Claire Alviar said “The local bourse failed to sustain its rally due to last minute profit taking following two consecutive days of gains.”

“The market mostly traded in the green as investors reacted positively to the June inflation rate, which slowed to 3.7 percent from the previous month and was near the lower end of the BSP's forecast.

“Since the inflation rate remains within the government’s target range of 2-4 percent, the likelihood of the BSP cutting interest rates at their upcoming meeting in August is increasing. However, sentiment was dampened by the national government’s outstanding debt reaching a record high,” she noted

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