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Manila Bulletin devider Business devider The Stock Market devider Stocks weaken on profit-taking

Stocks weaken on profit-taking

Published Aug 29, 2024 07:40 am

Local share prices weakened as investors take profits after the index failed to hold above the 7,000 resistance level.

The main index lost 66.46 points or 0.96 percent to close at 6,891.55 as Conglomerates led the retreat although the Property and Mining counters stayed in the green. Volume was higher at 958 million shares worth P6.63 billion as losers beat gainers 117 to 79 with 51 unchanged.

“Philippine shares slipped just  below the 6,900 level as investors sold ahead of the August closing and the MSCI rebalancing tomorrow,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Sentiment also was pulled down from across the region, with U.S. stocks dipping Wednesday, led by a decline in Nvidia as investors awaited its earnings report and the upcoming July personal consumption expenditures price index.”

Philstocks Assistant Research Manager Claire Alviar said “The local bourse extended its decline amid continuous profit-taking, after the market failed to break the 7,000 resistance. Negative cues from Wall Street further weighed on the market, affecting Asian peers as well.”

She noted that, “Despite the market decline, foreign investors remained net buyers, registering a net inflow of P897.79 million.”

 

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