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Manila Bulletin devider Business devider The Stock Market devider PSEi drops on profit-taking

PSEi drops on profit-taking

Published Sep 25, 2024 07:49 am

The local stock market finally succumbed to profit-taking after rallying in the past week.

The PSEi dropped 69.59 points or 0.94 percent to end at 7,362.62 as Banks led the retreat while Miners bucked the trend as gold prices rise. Volume remains robust at 1.07 billion shares worth P8.05 billion as losers edged out gainers 99 to 97 with 57 steady.

“Profit-taking occurred in the local equities market after several days in the oversold region, as traders adopted a cautiously optimistic stance amid expectations that China's recent policy measures may have stemmed its stock market slump, with hopes for additional fiscal support on the horizon,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Meanwhile, gold prices surged to an all-time high, driven by escalating tensions in the Middle East and optimism surrounding monetary easing.

Philstocks Financial Research Manager Japhet Tantiangco said "The market pulled back as investors took profits from its recent rallies. Prior to the decline, the market was on a 4-day gaining streak." 

Foreigners were still net buyers with net inflows amounting to P921.22 million.

Related Tags

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