Market rally cut short by profit taking

The Philippine Stock Exchange index slid by 0.23 percent or 14.74 points to settle at 6,492.75, snapping its two-day climb.MANILA, Philippines —

“Investors turned into profit-takers using the CPI reading to sell on news and close positions to kick off the first week of the second half of 2024. The main bourse slipped below 6,500 after trading more at least half a percent up intraday,” Luis Limlingan of Regina Capital said. “Since the inflation rate remains within the government’s target range of two to four percent, the likelihood of the BSP cutting interest rates at their upcoming meeting in August is increasing. However, sentiment was dampened by the national government’s outstanding debt reaching a record high,” Alviar said.Sectoral gauges were a mixed bag, with financials and property leading the way with increases of 0.22 and 0.21 percent, respectively.

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