Stocks fall on profit taking

Local share prices dropped as investors pocketed gains after the PSEi’s four-day hike.

The main index lost 80.93 points or 1.13 percent to close at 7,061.49 as the Property sector led the retreat although Banks and Mining firms advanced. Volume rose to 895 million shares worth P6.04 billion as loses edged out gainers 91 to 83 with 61 unchanged.

“Philippine shares succumbed to profit taking following other Asian markets, while the US traded rather mixed as investors digested a fresh batch of first quarter earnings results,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

The DJIA rose 280 points, buoyed by strong earnings from Procter & Gamble, while the technology-heavy Nasdaq Composite was dragged down 1 percent by by Netflix’s post-report plunge.

AB Capital Securities said “The market retreated from resistance after touching a high of 7,156.85.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Lingering concerns including China’s unfavorable Covid-19 situation and its implications on the global economy, and inflation risks onshore contributed to Thursday’s drop.”

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