The local stock exchanged continued to suffer from profit-taking Monday as investors wait for more cues to buy shares.


The Philippine Stock Exchange index (PSEi) dropped 35.02 points, or 0.48 percent, to close at 7,203.44 with only the Industrial counter managing to hold its ground.

PSE file photo

A total of 169.05 billion shares worth P10.38 billion changed hands as losers beat gainers 137 to 95 with 43 unchanged.

“The local bourse extended its decline as investors continued to book gains amid the lack of a positive catalyst,” said

Philstocks Financial Senior Analyst Japhet Tantiangco.

He added that, “Pandemic worries aggravated by the entry of the new and more infective COVID-19 variant into the Philippines also weighed on market sentiment.”

Regina Capital Development Corporation Managing Director Luis Limlingan said “Philippine shares dropped  as the market contemplated on an additional fiscal aid under Biden’s administration, as well as earnings releases of some big U.S. banks.”

AAA Equities Head of Research Chris Mangun noted that, “The PSEi declined further and ended just a few points above its 7,200 support. Trading on blue chips remained muted with volatility continuing to die down, which is what we expected as investors step back and monitor the health situation as well as the economy’s recovery.”


Source: Manila Bulletin (https://mb.com.ph/2021/01/18/stocks-weaken-anew-due-to-profit-taking/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-weaken-anew-due-to-profit-taking)