Stocks may drop as players book gains from rally

PHILIPPINE SHARES could decline this week as investors continue to book their gains from the market’s recent rally and with the peso’s weakness weighing on sentiment.

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On Friday, the Philippine Stock Exchange index (PSEi) fell by 0.35% or 22.86 points to end at 6,464.67, while the broader all shares index edged down by 0.22% or 8.37 points to close at 3,652.33.

Meanwhile, week on week, the PSEi climbed by 116.53 points from its Jan. 9 finish of 6,348.14, marking its fourth consecutive week of gains.

“The local market continues with its bullish move, extending its rally to a fourth straight week. Other numbers are also encouraging with net value turnover averaging P6.64 billion, reflecting quite strong conviction. Net foreign buying is already on an 1-day streak amounting to P5.61 billion,” Japhet Louis 0. Tantiangco, Research Manager at Philstocks Financial, Inc., said in a Viber message.