Stocks drop on renewed concern over US banks

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The local stock market gave up some gains as investors took profits following weakness in US bourses. | ManilaBulletin

The main index lost 66.0 points or 0.99 percent to close at 6,606.69 as Banks led the retreat while the Mining and Oil sector bucked the trend and advanced. Volume improved but remained low at 567 million shares worth P4.92 billion as losers edged out gainers 91 to 86 with 56 unchanged.

He added that, “Back home, the S&P Global PH PMI reading stood at 51.4 in April--the slowest in 8 months.”

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