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The local stock market declined as some investors took profits while waiting for fresh leads although this was partly offset by the start of window-dressing before April ends.
The main index shed 19.25 points or 0.31 percent to close at 6,249.50, pulled down by the retreat of Banks while sectoral indices were equally divided. Volume dipped to 743 million shares worth P5.74 billion aa losers edged out gainers 98 to 94 with 58 unchanged.
“Philippine shares succumbed to profit taking following the upwards climb last Friday as investor prepare for the end of the month window dressing,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research Manager Japhet Tantiangco said “The local market closed down on the back of a last minute sell-off.”
He noted that, “Investors chose to take things cautiously while waiting for fresh leads, primarily on developments regarding trade negotiations between the US and the rest of the world to de-escalate the ongoing global trade tensions.”
