The local stock market finally succumbed to profit-taking as investors used the weakness in US bourses as an excuse to sell.
The main index dropped 76.11 points or 1.17 percent to close at 6,415.08 as share prices declined across the board. Volume was firm at 6.49 billion shares worth P8.02 billion as losers beat gainers 117 to 79 with 64 unchanged.
“Philippine stock-market benchmarks ended sharply lower on Monday, but off their intraday lows amid investors jitters around rising COVID-19 cases in the U.S. and Europe,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research Analyst Claire Alviar noted that, “The local bourse dropped due to profit-taking, after six consecutive days of rallying, as it nears the resistance level of 6,570.00.”Alviar added that, “This recent drop is only a correction and the market will find support. We see it at the 6,000 – 6,100 levels.”