Stocks pull back after 2-day gain
Services, on the other hand, was the biggest loser down by 0.73 percent
Eagle-eyed pundits Traders keep track of the market on the New York Stock Exchange. European and Asian exchanges mostly rose Wednesday as investors eagerly awaited the latest earnings results from US chip giant Nvidia, a bellwether for the tech sector. Traders are also awaiting for key US economic data due out later this week that could shine a light about the size of an expected interest-rate cut next month.
Xinhua/Liu Yanan
After gains for two straight days, the local bourse on Wednesday closed in the red, dropping by 15.4 points, or 0.22 percent, to close at 6,958.01.
Sectors were mixed, with Miners leading the gainers, increasing the biggest by 0.85 percent, followed by Industrials, up by 0.69 percent, and Banking by 0.58 percent.
Services, on the other hand, was the biggest loser down by 0.73 percent, followed by Holding Firms decreasing by 0.54 percent and Properties by 0.43 percent.
“The prospect of easing monetary policy has many investors taking positions, reflecting broader market cautious optimism both locally and globally,” Regina Capital Development Corp. head of sales Luis Limlingan said in a Viber message.
US shares gains
“Meanwhile, last night Wall Street saw gains on Tuesday as investors eagerly awaited Nvidia’s quarterly earnings, set to be announced Wednesday after the bell,” he added, noting that the excitement around American multinational corporation and software company Nvidia weighed on the positive momentum to the market.
The net market value turnover was P4.61 billion as 99 Advancers edged 90 Decliners.
The peso closed at P56.28 from a dollar.