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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 Aug 21, 2024 07:47 am

The local stock market finally took a breather from its strong rally while investors wait for cues from the US Federal Reserve. 

The main index dropped 44.14 points or 0.64 percent to close at 6,900.62 with the Property sector leading the retreat while Industrials managed to advance. Volume declined to 863 million shares worth P5.14 billion as losers beat gainers 130 to 78 with 49 unchanged. 

“Philippine shares succumbed to profit taking after hitting 7,000 intraday yesterday as started to keep to cash ahead of the long weekend,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “With the Fed's next policy meeting in focus, the CME FedWatch Tool suggests a likely interest rate cut, though the extent remains debated.”

Philstocks Financial Research Manager Japhet Tantiangco said "The local market closed lower this Wednesday on the back of profit taking  after three consecutive days of rallying."

He noted that, "The local bourse also took cues from Wall Street’s decline wherein investors took a cautious stance while waiting for the Jackson Hole Economic Symposium where the Fed may give clues on their policy outlook."

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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