Philippine stocks retreated Thursday as investors took profits after three straight days of rally, while the peso fell as global crude prices climbed.
The 30-company Philippine Stock Exchange index lost 6.46 points, or 0.10 percent, to close at 6,73.50, while the broader all-shares index declined 3.25 points, or 0.09 percent, to settle at 3,508.19.
The peso also tumbled to 56.53 a dollar from 56.30 on the previous day.
Rizal Commercial Banking Corp. chief economist Michael Ricafort the market corrected after global crude oil prices rose near one-month highs amid increased tension in the Middle East.
Philstocks Financial Inc. research analyst Mikhail Plopenio said investors were also waiting for catalysts to sustain the market’s upward momentum.
“The bourse seems to have a hard time as it nears the 6,700 resistance level which may indicate that investors are not yet prepared to get past the said level as reflected by this session low net market turnover,” Plopenio said.
Market turnover was thin at P3.79 billion, lower than the month-to-date average of P4.41 billion.