Local share prices eased as some investors took profit while most stayed on the sidelines at the start of the week.

The PSEi dropped 32.42 points or 0.48 percent to close at 6,763.92 with only the Mining and Oil and Industrial counters staying in the green.

Volume fell to 1.86 billion shares worth P4.19 billion as advancers barely edged out losers 102 to 100 with 60 unchanged.

“Investors switched to profit taking in the Philippines to start the week as funds went back into the US market after the May nonfarm-payrolls report showed a less-than-expected gain–effectively leading many to bet that the Fed will maintain its easy-money policies for longer,” said Regina Cap Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse declined as Coronavirus worries took over investor sentiment. This comes as the Philippines’ COVID-19 situation shows signs of relapsing.”

AAA Equities Head of Research Chris Mangun said “The PSEi ended slightly lower on low trading volumes as investors try to get a feel of the sentiment which is typical for the first trading day of the week.”

He noted that, “Several blue-chips took considerable losses, mainly property issues, as selling pressure picked up while most buyers were on the sidelines.”

“Total turnover value for the day was just above half of what we were seeing on a daily basis in the last couple of weeks. This tells us that investors are beginning to turn cautious again, similar to what we are seeing in stock markets abroad,” Mangun added.

Source: Manila Bulletin (https://mb.com.ph/2021/06/07/stocks-off-to-weak-start/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-off-to-weak-start)