Shares drop on profit taking

MANILA, Philippines — The local stock market started the week with some profit-taking as investors wait for major economic news including the release of Philippine economic growth figures.

The Philippine Stock Exchange Composite index (PSEi) shed 84.92 points or 1.27 percent to close at 6,600.74 yesterday.

Likewise, the broader All Shares index slipped 30.42 points or 0.86 percent to finish at 3,525.64.

All the sectoral gauges were down with property and services among the biggest decliners.

Luis Limlingan of Regina Capital said investors locked in gains from selected issues.

Meanwhile, the Philippine Stock Exchange welcomed DragonFi Securities Inc. which launched its web and mobile stock trading platform yesterday.

DragonFi co-founder and CEO Jon Carlo Lim, who has more than 20 years of financial markets, said, the company shares the “same cutting-edge technology as some of the largest brokerages in the US, which make it purpose-built for the most demanding financial markets.”

DragonFi’s co-founders Edgar “Injap” Sia II said that with the company’s “advanced technology and innovative products, we are confident that we can provide Filipinos with the tools they need to succeed in the stock market.”

Asian shares were mostly higher yesterday after a widespread rally on Wall Street partly spurred by Apple’s report of better profit than expected.

A report showed hiring accelerated across the economy by much more than expected last month. The government’s jobs report also showed workers won bigger pay raises than expected.

Treasury Secretary Janet Yellen said that there are “no good options” for the United States to avoid an economic “calamity” if Congress fails to raise the nation’s borrowing limit of $31.381 trillion in the coming weeks.

She did not rule out President Joe Biden bypassing lawmakers and acting on his own to try to avert a first-ever federal default. If the government can’t borrow money to keep paying its bills for an extended period, there could be millions of job losses, businesses left bankrupt, crashes piling up across financial markets.