The local stock market fell as investors cashed out ahead of the long weekend.

Photo credit: https://www.pse.com.ph


The PSEi lost 106.54 points or 1.60 percent to close at 6,545.17 as sectoral indices fell across the board.

Volume was also weaker at 3.52 billion shares worth P5.02 billion as losers beat gainers 110 to 89 with 54 unchanged.


“Philippine shares saw some profit taking today, with the local bourse shedding more than 100 points,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Most of the selling was done during the latter half of the trading session. It seems the 6,600.00 resistance is still as strong as ever.”
“The index wasn’t able to breach this level after an initially strong rally, bucking the trend across Asian markets, as investors in the PHilippines continued to weigh the prospect of global economic recovery against the Philippines’ protracted lockdowns,” Limlingan added.


Philstocks Financial Senior Analyst Japhet Tantiangco said “The local market fell as investors booked gains out of its preceding 3-day rally.”
“Uncertainties over the quarantine measures to be implemented in the National Capital Region Plus after April 11 also weighed on investors’ sentiment,” he explained.


Tantiangco said the exit of foreign funds also added to the decline while the low volume “implies that many are still staying out of the market due to the lingering economic and corporate uncertainties caused by our COVID-19 situation.”

All sectors declined led by the Conglomerates shedding 2.47 percent. Losers outpointed gainers 110 to 89.

Universal Robina Corporation [PSE: URC] led four index gainers, climbing 1.43 percent to P142.00. SM Prime Holdings, Inc. [PSE: SMPH] lost the most slipping 3.39 percent to P35.60.


Source: Manila Bulletin (https://mb.com.ph/2021/04/08/stocks-fall-on-profit-taking-ahead-of-long-weekend/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-fall-on-profit-taking-ahead-of-long-weekend)