While US bourses hit new highs, the PSEi eased lower on some profit-taking as it gathers more momentum before trying to breach the 7,500 level.
The main index shed 30.44 points or 0.41 percent to close at 7,428.30 with Banks being the main drag as Industrials was flat while most sectors actually advanced. Volume dipped to 1.37 billion shares worth P6.97 billion as gainers outnumbered losers 113 to 94 with 45 unchanged.
“Profit-taking dragged the PSEi into the red, ignoring positive U.S. market momentum,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
U.S. stocks rose as upbeat economic data, including a drop in jobless claims and steady durable goods orders, eased fears of a slowdown, with second quarter 2024 GDP holding firm at 3 percent.
Philstocks Financial Research Manager Japhet Tantiangco said “The local market pulled back this Friday as investors took profits from its recent rally. On a positive note, despite the decline, the market was able to hold its ground above its 7,400 support level.”
While market remained in overbought territory, foreigners were still net buyers with net inflows amounting to P175.76 million.