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Manila Bulletin devider Business devider Stocks lower on some profit-taking

Stocks lower on some profit-taking

Published Feb 10, 2022 04:20 pm

The local stock market declined after the resistance felt at the 7,500 triggered some profit-taking.

The main index lost 69.86 points or 0.93 percent to close at 7,432.62 as the Holding Firms and Services sectors led the retreat although the Mining and Oil counter surged and Property stocks also advanced.

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Volume rose to 1.31 billion shares worth P10.48 billion as losers narrowly edged out gainers 101 to 97 with 55 unchanged.

“Philippine shares succumbed to profit taking with the release of the latest MSCI rebalancing results and ahead of the latest US CPI data tonight,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Expectations are for prices to have climbed more than 7 percent, which would mark the steepest jump in around 40 years. Cleveland Fed President Loretta Mester said the central bank would be prepared to hike rates at any meeting this year.”

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse declined as investors booked gains at the 7,500 resistance level. We think that catalysts in the market are still not enough for the main index to hold ground above 7,500.”

She added that, “Meanwhile, we think that the unemployment data did not significantly influence today's trading. The unemployment rate rose...(but) the increase in the unemployment rate could be temporary until January and we may see this figure dropping starting February.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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