After more than a week of bargain hunting that pushed the index higher, local shares fell due to profit taking.
The barometer Philippine Stock Exchange Index ended down yesterday by 31.65 points or 0.46 percent to 6,818.99.
Turnover stood at P7.86 billion. The sectors’ outturn were mixed with Miners and Holdings as main gainers, up by 1.32 percent and 0.43 percent, respectively. The Industrials lost the most by 0.88 percent.
Aboitiz Power Corporation was at the forefront, advancing 3.96 percent while Jollibee Foods Corporation was at the bottom, dropping 4.38 percent.
Philstocks Financial, Inc. assistant manager for research and online engagement Claire Alviar said profit taking came ahead of the interest rate decision of the Bangko Sentral ng Pilipinas.
Positive data seen
“Despite today’s decline, the market still held its ground above the 6,800 immediate support level. We are seeing the next limit at 6,600 while the upward resistance would be at 7,000 to 7,100,” Alviar said.
Meanwhile, Luis Limlingan, head of sale at the Regina capital Development Corp., noted that the decline was ahead of the release of July retail sales data, which investors use to gauge how consumers are managing the impact of rising inflation and oil prices.
Oil prices fell in volatile trading as economic data spurred concerns about a potential global recession while the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports.
Brent crude futures ended the day 2.9 percent lower at $92.34 per barrel. WTI crude, on the other hand, ended the day 3.2 percent lower at $86.53 per barrel.