Stocks fall amid continued profit taking – Manila Bulletin
The local stock market started off on a bitter note, with stock prices falling amid concerns over U.S. corporate earnings and inflation.
The main index fell 78.07 points or 1.07 percent to close at 7,211.54 as real estate and holding companies led the retreat while banking and service counters held firm.
Volume was also low at 913.57 million shares worth 5.57 billion pesos, with the losers beating the winners 120-75 while 55 were unchanged.
“Philippine stocks closed lower amid disappointments in US earnings and the approach of the China Evergrande group’s payment deadline,” said Luis Limlingan, managing director of Regina Capital Development Corporation.
He added that “Treasury yields have risen due to inflation concerns.”
Philstocks Financial’s senior research supervisor Japhet Tantiangco said that “profit taking continued as inflation concerns weighed on sentiment amid high global oil prices, crude Brent benchmark reaching $ 86.00 per barrel. “
He noted, however, that “foreigners were net buyers with net inflows amounting to 79.74 million pesos”.
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