Selling pressures drag local stocks down

February 27, 2024 | 12:00am

MANILA, Philippines — The Philippine Stock Exchange index fell below the 6,900 level, slipping by 0.31 percent or 21.72 points to end at 6,891.49 amid selling pressures at the start of the trading week.

The broader All Shares index likewise retreated by 0.21 percent or 7.63 points to settle at 3,600.49.

“Philippine shares slipped below the 6,900 level as investors took profit right before the close of February and the latest MSCI rebalancing,” Luis Limlingan of Regina Capital said.

Claire Alviar of Philstocks Financial said the local bourse joined most of its regional peers in the red where profit taking prevailed as well.

“Investors secured gains after a four-day rally, while they awaited fresh catalysts to break the 7,000 psychological level,” Alviar said.

“Moreover, the sentiment was further dampened by tempered rate cut hopes after BSP Deputy Governor Francisco Dakila Jr. stated that the central bank is prepared to adjust its monetary policy settings as needed as inflation risks are present,” she said.

Alviar said Monday’s net market value turnover of P3.83 billion was lower than year-to-date average of P4.52 billion.

Local gauges were mixed, with property suffering the biggest loss of 1.99 percent.

Industrial as well as mining and oil, meanwhile, led the increase with 0.59 percent and 0.54 percent, respectively.

Advancers edged out decliners, 89 to 78, while 65 issues were unchanged.

Monde Nissin was the biggest gainer among index members with a 2.34 percent increase, while Ayala Land lost the most at 4.3 percent.