SHARES closed lower on Tuesday due to profit taking as investors await the release of the full-year 2022 gross domestic product data this week.
“The local bourse dropped by 28.18 points or 0.4% to 7,041.50 amid a lack of catalysts as investors await the Philippines’ economic growth for the full year that will be released this week,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.“Despite the decline, the market was still able to hold its ground above the 7,000 level,” she said.
If realized, this would be faster than the 5.7% GDP growth in 2021 and may be the quickest since the 8.8% seen in 1976. The majority of sectoral indices closed lower on Tuesday except for industrials, which rose by 56.18 points or 0.56% to 9,937.34.