MANILA –- The local stock market retreated anew on Tuesday due to profit-taking given declines on Wall Street and cautions ahead of a holiday next week.
The barometer Philippine Stock Exchange index lost slightly 11.55 points to 7,828.94 from previous day’s 7,840.49 close.
Brokerage firm DA Market Securities Inc. said short-term investors opted to take profits as stocks hit or neared their fair valuations amid drops on United States’ equities.
The Dow Jones Industrial average index lost 12 points while the S&P declined four points on continued uncertainty on rate hike timing.
BDO Capital and Investment Corp. President Eduardo Francisco said that historically, the local bourse generally softens when there is a long holiday.
The market is gearing up for the Holy Week holiday next week.
“Not because there is something wrong (with the market) but because some of the big investors are nervous there might something that will happen in other countries. So sometimes, this cause prices to go a little because (investors) get liquidity,” he said in an interview.
All counters were in negative territory, except financials that rose slightly.
A total of 1.80 billion shares valued at PHP9.80 billion changed hands.
Decliners dominated advancers, 112 to 68, while 44 issues were unchanged.