Stocks decline on profit taking

The local stock market declined as cautious investors were quick to pocket small gains made in the past two days.

The main index dropped 42.22 points or 0.67 percent to close at 6,303.19 with the Property counter leading the losses although indices were evenly mixed. Volume weakened to 532 million shares worth P4.91 billion as losers and gainers were almost tied at 98 and 97, respectively, while 45 were unchanged.

“Philippine shares gave up early session gains following a disappointing US consumer confidence index reading, which came in at 98.7,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Many also continued to keep a close eye on China, which eased Covid restrictions for inbound travelers and slashed quarantine time to seven days.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse pulled back as investors took profits from its preceding 3-day rally.“

He noted that, “Concerns over the decline in consumer confidence of major economies, Japan and South Korea according to their official surveys, and of the US according to The Conference Board weighed on market sentiment.”

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