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Stocks drop as investors take profits

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The local stock market weakened as investors cashed out some gains ahead of the weekend.

The main index dropped 52.66 points or 0.79 percent to close at 6,625.26 as the Industrial sector led the retreat with only Miners advancing. Volume declined further to 635 million shares worth P2.91 billion as losers beat gainers 103 to 69 with 54 unchanged.

“Philippine equities tumbled on a mixed batch of US earnings reports, adding some precaution that the US economy is not out of the woods yet,” said Regina Capital Development Corporation Managing Director Luis Limlingan.Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse extended its decline as investors took more gains on the last trading day of the week while waiting for a strong catalyst to drive the market.

 

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