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Business

Stocks pull back on profit taking

Iris Gonzales - The Philippine Star
Stocks pull back on profit taking
The benchmark Philippine Stock Exchange index (PSEi) finished at 6,303.19, down 42.22 points or 0.66 percent, while the broader All Shares index slipped 11.56 points or 0.34 percent to end at 3,389.12.
STAR / File

MANILA, Philippines — Local share prices pulled back yesterday as investors paused after three days of bargain hunting.

The benchmark Philippine Stock Exchange index (PSEi) finished at 6,303.19, down 42.22 points or 0.66 percent, while the broader All Shares index slipped 11.56 points or 0.34 percent to end at 3,389.12.

Philstocks Financial said “the local bourse pulled back as investors took profits from its preceding three-day rally.”

The counters were mixed, with property, financials and holding firms ending in the red, while mining and oil, services and industrial closed in positive territory.

Total value turnover was thin at P4.9 billion. Market breadth was slightly negative, 98 to 97, with 45 issues unchanged.

Foreigners continued to be net sellers with net outflows amounting to P645.80 million.

Elsewhere in Asia, stocks fell as weak economic data from the US dented risk sentiment and overshadowed optimism around the easing of some COVID-19 restrictions in China.

Fears of a recession gripped markets after data showed US consumer confidence hit a 16-month low in June, with households worrying about high inflation.

During late Tuesday trading hours, China announced it would now require inbound travellers to quarantine at a centralized facility for only seven days, instead of the previous 14.

“It’s clearly still a very gradual step, when you compare to other countries, where (quarantine) measures have been completely lifted, China still has some way to go to get there,” said Mitul Kotecha, head of EM strategy at TD Securities.

On Wall Street, stocks remain gripped by uncertainty over inflation, rising interest rates and the potential for a recession.

A weaker-than-expected U.S. consumer confidence reading highlighted worsening consumer expectations due to persistently high inflation.

STOCK MARKET

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