Stocks fall on weekend profit-taking

Share prices gave up the previous day’s gains to end the week lower as investors were quick to take profit amid uncertainties in Europe.

The main index fell by 114.82 points or 1.61 percent to close at 7,007.63 on Friday, March 18, as Banks led the retreat while only the Mining and Oil counter rose. Volume surged to 1.65 billion shares worth P27.59 billion as losers beat gainers 100 to 81 with 49 unchanged.

Philippine Stock Exchange index (PSEi)

“Philippine shares were sold down, mostly due to the realigning of the latest results of the FTSE rebalancing,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

He added that, “Others also sold on news as investors priced in the outcome of the recent Fed meeting and shrugged Kremlin’s dismissal of news on positive progress in Ukraine-Russia peace talks.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse declined as investors took profits out of its preceding 3-day rally.”

He noted that, “January 2022’s labor market figures with the labor force falling 7.3 percent month-on-month and the number of employed decreasing 7.0 percent m/m also fueled the negative sentiment.”

“Worries that the Russia – Ukraine war would be prolonged amid the lack of significant progress in their talks also weighed on today’s trading,” Tantiangco said.

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