The main index dropped 76.05 points or 1.02 percent to close at 7,389.30 as Holding Firms led the retreat although Banks and Mining and Oil stocks advanced. Volume rose to 1.23 billion shares worth P9.21 billion as losers beat gainers 105 to 84 as 51 remained unchanged.
He added that, “Wall Street traders are also awaiting the release of key inflation data on Feb. 10, then the University of Michigan’s consumer sentiment survey on Friday as investors back at home will keep a close watch on the release of December unemployment rate Feb.10.” Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market fell as investors took profits from its rally last week.”
He noted that, “Inflation concerns weighed on sentiment as global oil prices rally with the benchmark Brent Crude already surpassing $93.00 per barrel.” “The pull back is also seen to imply that the market is not yet prepared to take the 7,500 resistance level as investors are still waiting for more catalysts, primarily the upcoming full year 2021 corporate results,” Tantiangco said.