Market retreats as investors take profit

MANILA, Philippines — Share prices fell as investors took profits ahead of President Marcos’ State of the Nation Address (SONA) along with news of US President Joe Biden’s withdrawal from the upcoming presidential race.

The benchmark Philippines Stock Exchange index failed to advance to the 6,800 level yesterday as it fell by 1.17 percent or 79.64 points to close at 6,712.05, snapping its three-day winning streak.

The broader All Shares index likewise declined by 0.77 percent or 27.85 points, finishing the session at 3,599.98.

“Investors sold off start of the week as US politics got jolted by the surprising announcement of President Joe Biden to step down from the upcoming presidential race,” Luis Limlingan of Regina Capital said.

Limlingan said many were also keeping an eye on the issues that will be discussed by President Marcos would during his third SONA yesterday afternoon.

“The local bourse dropped as investors took profits following the market’s straight days of rallying. Investors were also waiting for the President’s State of the Nation Address,” Claire Alviar of Philstocks Financial said.

Alviar said there are many issues that investors want to hear on the President’s SONA, especially the government’s plan to meet the economic growth target in the coming years.

“Overseas, Asian peers were mostly in the red as investors digested President Biden’s withdrawal from the 2024 presidential race,” she said.

Net market value turnover opened the week strong at P5.69 billion.

Sectors were dominated by those in the red. The services and industrial plunged by 2.61 percent and two percent, respectively.

Property as well as mining and oil were the only ones that posted increases at 0.66 percent and 0.24 percent, respectively.