The local stock market fell after investors booked gains as the PSEi approached the 7,000 resistance level.

The main index dropped 70.90 points or 1.02 percent to close at 6,885.36 with only the Financials and Property counters managing to hold their ground while the Services sector led the retreat.

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Volume jumped to 2.14 billion shares worth P15.04 billion as losers beat gainers 135 to 75 with 38 unchanged.

“Philippine shares dropped as regional markets had a choppy session, and as Treasury yields rose on economic recovery and inflation worries, briefly hitting 1.50%–the highest since June,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse declined as investors took profits out of its preceding 5-day rally.”

He added that, “Inflation worries weighed on sentiment amid the rise in global oil prices.”

“Foreign funds have also exited the market, contributing to the fall, amid the depreciation of the Peso. Net foreign outflows this Tuesday amounted to P1.94 billion,” Tantiangco said.


Source: Manila Bulletin (https://mb.com.ph/2021/09/28/stocks-drop-on-profit-taking-2/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-drop-on-profit-taking-2)