The local stock market saw some profit-taking at the start of the week as investor sentiment was weighed down by negative news from overseas.

The main index dropped 40.47 points or 0.55 percent to close at 7342.37 as the Mining and Oil counter fell while only the Holding Firms sector managed to hold its ground.


Volume was about average at 1.3 billion shares worth P7.96 billion as losers beat gainers 124 to 71 with 42 unchanged.

“Philippine shares started the week on some profit taking after the release of some disappointing regional economic data, while others remain on the sidelines for the BSP meeting this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “The University of Michigan’s index of consumer sentiment decreased by 4.9pt to 66.8 in the preliminary November report, against consensus expectations for an increase” while “US job openings decreased by 191,000 to 10.43 million in September.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse fell as investors booked gains from last week’s climb.”

He explained that, “With the third quarter earnings report season already ending, investors have taken a cautious stance while waiting for new catalysts.”

Source: Manila Bulletin (