1 month ago
36
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
The local stock market declined as investors pocketed gains from its recent run-up prior to the release of makor economic reports.
The main index dropped 52.23 points or 0.81 percent to close at 6,359.63 with the retreat led by Conglomerates and Miners. A total of 700 million shares worth P5.67 billion were traded as losers edged out gainers 93 to 92 with 61 unchanged.
“Philippine shares succumb to profit taking as it pulls back to 6,300 level, while investors await for fresh inflation print by tomorrow,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort said “the PSEi corrected lower, considered a healthy downward correction/profit-taking after gaining for three straight trading days.”
He noted that this comes after Trump signaled that he will not meet Chinese President Xi, as the markets await further progress on US trade deals with various countries.
