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Wednesday, February 28, 2024

Philippine stocks fall on profit-taking

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Philippine stocks sank Thursday as investors took profit ahead of the long weekend.

The 30-company Philippine Stock Exchange index plunged 71.08 points, or 1.13 percent, to close at 6,234.77, while the broader all-shares index slipped 22.08 points, or 0.66 percent, to settle at 3,329.58.

Financial markets will be closed Friday for a national holiday.

“Philippine shares were sold ahead of the long weekend as investors assessed data indicating falling inflation and jobs report,” Regina Capital Development Corp. head of sales Luis Limlingan said.

Local shares also mirrored the decline in Wall Street on concerns about steep the drop in global crude prices.

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