The main index ended its six-day rally as investors took profits on Tuesday.
The benchmark Philippine Stock Exchange index (PSEi) declined by 1.17 percent or 76.11 points to close at 6,415.08, while the wider All Shares lost 1.07 percent or 41.25 points to finish at 3,818.11.
Philstocks Financial Inc. research associate Claire Alviar said the local market dipped amid profit taking as it is approached the resistance level of 6,570.
She added the negative result is only a correction and local shares would find support, which is seen at 6,000 to 6,100 levels.
Meanwhile, Alviar noted there is still negative sentiment from the extension of the general community quarantine (GCQ) in Metro Manila as some restrictions remain in place and the economy is not fully opened yet.
President Rodrigo Durterte, in a recorded speech aired Tuesday morning, said Metro Manila will remain under GCQ until November 31.
The provinces of Batangas and Lanao del Sur, along with the cities of Iloilo, Bacolod, Tacloban and Iligan, will also remain under GCQ until the end of November.
Alviar also said the sell off Wall Street experienced overnight spilled over to the local bourse amid the recent surge in coronavirus disease 2019 cases in the United States and uncertainties over the stimulus package.
The Dow Jones, S&P 500 and Nasdaq slumped by 2.29 percent, 1.86 percent and 1.64 percent, respectively.
The local sectors also ended in the red with holding firms leading the shedding at 1.4 percent.
Total volume turnover was at 6.49 billion shares valued at P8.02 billion
Decliners edged out advancers at 117 to 79, while 64 securities were unchanged.
The benchmark Philippine Stock Exchange index (PSEi) declined by 1.17 percent or 76.11 points to close at 6,415.08, while the wider All Shares lost 1.07 percent or 41.25 points to finish at 3,818.11.
Philstocks Financial Inc. research associate Claire Alviar said the local market dipped amid profit taking as it is approached the resistance level of 6,570.
Meanwhile, Alviar noted there is still negative sentiment from the extension of the general community quarantine (GCQ) in Metro Manila as some restrictions remain in place and the economy is not fully opened yet.
President Rodrigo Durterte, in a recorded speech aired Tuesday morning, said Metro Manila will remain under GCQ until November 31.
The provinces of Batangas and Lanao del Sur, along with the cities of Iloilo, Bacolod, Tacloban and Iligan, will also remain under GCQ until the end of November.
Alviar also said the sell off Wall Street experienced overnight spilled over to the local bourse amid the recent surge in coronavirus disease 2019 cases in the United States and uncertainties over the stimulus package.
The Dow Jones, S&P 500 and Nasdaq slumped by 2.29 percent, 1.86 percent and 1.64 percent, respectively.
The local sectors also ended in the red with holding firms leading the shedding at 1.4 percent.
Total volume turnover was at 6.49 billion shares valued at P8.02 billion
Decliners edged out advancers at 117 to 79, while 64 securities were unchanged.
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