The local stock market fell again after a brief respite the previous trading day.

The PSEi dropped 107.48 points or 1.57 percent to close at 6,727.93 as Holding Firm led the retreat while Mining and Oil was the only sector that managed to advance.

Volume remained low at 982.45 million shares worth P4.89 billion aa losers beat gainers 121 to 70 with 57 steady.

“Philippine shares slid while investors focused again on the US as Fed Chairman Powell’s two-day testimony before Congress started,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Meanwhile, he noted that, “Finance Undersecretary and Chief Economist Gil S. Beltran expects that the rising global crude oil prices would likely weigh on the domestic market. They project that the Dubai crude oil price would reach around $50 to $70 per barrel this year. “

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse plunged as selling pressures dominated amid the lack of a positive catalyst.”

He added that, “Investors also took a cautious stance ahead of the government’s decision on the quarantine measures of the country after July 15. “

Source: Manila Bulletin (