The local stock marker weakened as investors remain cautious and are quick to take profit. The PSEi dropped 54.16 points or 0.77 percent to close at 6,997.62 with only the Financials counter advancing.
Volume increased to 11.78 billion shares worth P11.12 billion as gainers still outpaced losers 114 to 99 with 60 unchanged.
“Philippine shares took a breather as the recent rally took an inevitable pause… Investors are also awaiting the outcome of the latest BSP meeting this afternoon before making any moves,” said Regina Capital Development Corporation Managing Director Luis Limlingan. AAA Equities Head of Research Chris Mamgun said “The PSEi pared back some of its gains and ended lower due to losses in large-cap conglomerates SM and AC and its counterparts in property… The PSEi has continued sideways as investors gauge the progress of the economy’s rebound.”(JAL)