The local stock market fell on profit-taking despite strong US bourses as investors fear the Bangko Sentral may still raise interest rates. The main index dropped 84.92 points or 1.27 percent to close at 6,600.74 as the Property sector led the retreat across the board. Volume rose to 718 million shares worth P5.87 billion as losers beat gainers 92 to 86 with 58 unchanged. “Investors turned into profit takes after a strong week in local equities last week, and ahead of the Philippine GDP later,” said Regina Capital Development Corporation Managing Director Luis Limlingan. Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped as investors became increasingly concerned that the Bangko Sentral ng Pilipinas (BSP) may opt to raise interest rates at their upcoming meeting, given the strength of the labor market in March.” “Investors are wary of a possible 25 basis points rate increase, which may still be on the table, particularly if the GDP for the first quarter proves to be robust. As a result, investors are taking a wait-and-see approach, holding off on making any significant moves until more economic data is released,” she noted.