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Manila Bulletin devider Business devider The Stock Market devider Bullish stocks take a breather

Bullish stocks take a breather

Published Aug 28, 2024 07:54 am

The local stock market initially rose on the back of strong US equities but dipped after failing to hold its ground above the 7,000 level.

The main index shed 15.4 points, or 0.22 percent, to close at 6,958.01, with sectoral indices equally split. Volume was weaker at 1.27 billion shares worth P5.34 billion, but gainers still outnumbered losers 99 to 90, with 54 unchanged.

“Philippine shares closed mildly lower after touching an intraday high above 7,000 once again, with investors watching out for more economic data that will reinforce a potential rate cut in September,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “The prospect of easing monetary policy has many investors taking positions, reflecting broader market cautious optimism both locally and globally.”

Philstocks Financial Research Manager Japhet Tantiangco said “Late day profit taking brought the local market down. Investors booked gains after the market climbed for two straight days. Chartwise, the market re-tested but still failed to take its 7,000 resistance level.“

Related Tags

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