Traders take gains, causing market to retreat

Yesterday, local stocks in the Philippines experienced a downturn as investors chose to take profits from the recent market rally, bringing an end to a five-day winning streak. The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.62 percent to close at 6,807.82, while the broader All Shares index also declined by 0.23 percent, settling at 3,566.06.

Investors were said to be awaiting the latest results from the MSCI rebalancing and key economic data in the US. Additionally, many were cautious ahead of the Bangko Sentral ng Pilipinas’ policy meeting this week. The market’s current trading range was identified to be from the support level of 6,700 to 7,000 resistance level.

All local indexes were in the red, with the services sector being the only one to climb by 0.43 percent. The property index experienced the biggest loss at 1.29 percent, followed by the industrial sector at a 1.07 percent drop. Total value turnover stood at P4.19 billion.

Market breadth was negative as decliners outnumbered advancers, with most actively traded stocks including BPI, ICTSI, SM Investments, Ayala Corp., and BDO. GT Capital Holdings was among the index members that saw an increase of 2.18 percent.

In Asia, markets were reportedly mixed on Monday due to holiday-thinned trade as investors look ahead to the release of crucial US inflation data due later in the week.

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