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Profit-taking pulls local stocks lower amid regional gains

Business | The Stock Market

Profit-taking pulls local stocks lower amid regional gains

By James A. Loyola

The Philippine Stock Exchange index (PSEi) weakened towards the end of the trading day on Tuesday, March 18, as investors decided to pocket gains made in the past few sessions.

The benchmark index lost 21.51 points or 0.34 percent to close at 6,284.68, as the services sector led the retreat, while mining and property stocks advanced. Volume rose to 1.3 billion shares worth ₱8.47 billion, as gainers still beat losers—100 to 92, with 44 unchanged.

“Philippine shares gave up some gains after trading in the green recently driven by US tariff uncertainties and weak consumer confidence, with retail sales rising 0.2 percent, below forecasts,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

He noted that, “Markets remain volatile amid [US President Donald] Trump’s shifting trade policies and Elon Musk’s cost-cutting moves, while officials brace for economic turbulence to push reforms.”

Regionally, Asia continued to gain after China announced stimulus measures to boost consumption and counter weak demand from COVID-19 disruptions and a prolonged property slump.

Related Tags

Regina Capital Development Corporation Luis Limlingan Philippine Stock Exchange index (PSEi)

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