The local stock market took a breather after investors pocketed some gains from the previous day’s spike.

The main index shed 16.19 points or 0.23 percent to close at 7,107.82, dragged down by the Services sector which was the only decliner, while the Mining and Oil counter was the biggest advancer.

Volume remained strong at 2.45 billion shares worth P9.74 billion as gainers still beat losers 100 to 87 with 65 unchanged.

“Philippine shares consolidated following the sell-off in US and Asia after WTI crude oil got traded around $80 per barrel, adding to the inflation worries of the public,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Later today, investors will await for the release of the latest US employment data… Tomorrow, JP Morgan will release its third quarter earnings. Other big banks will follow for the rest of the week. Also many are awaiting cues from the latest FOMC minutes.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse succumbed to selling pressures as investors took profits out of the market’s sharp rally this past Monday.“

He also noted that, “Inflation worries amid the elevated global oil prices contributed to the decline.”

Source: Manila Bulletin (