Phl stock market drops 22.28% on Tuesday trade

The local stock market on Tuesday declined by 22.28 points, or 0.3 percent, to close at 6,667.09 level.

The majority of the sectors were in red territory, with Banks dropping the biggest by 1.33 percent; followed by Services, down by 0.85 percent; and Mining and Oil by 0.57 percent.

The Property index was the only sector in green, up 1.73 percent.

Rizal Commercial Banking Corporation chief economist Michael Ricafort said despite the market drop, it is still near two-month highs, or since 20 May 2024, after some profit-taking in some markets since early this week.

Philstocks Financial Inc. research and engagement officer, Mikhail Plopenio, meanwhile, said the Tuesday loss may imply 'that investors are not yet prepared to see the bourse above the 6,700 resistance level.'

"Also, many chose to remain on the sidelines as net market value turnover was tepid at P4.90 billion, lower than the year-to-date average of P4.96 billion," he added.

The peso closed at P58.38 per dollar.