Philippine stocks decline on profit-taking, weaker GDP forecast

Philippine stocks declined due to profit-taking in blue chips, with the PSEi dropping 101.02 points or 1.4% to close at 7,102.66.

The market retreated after failing to sustain a move past the 7,200 mark, with funds potentially moving to other regional markets benefiting from vaccine rollouts.

The World Bank's revised forecast of an 8.1% GDP contraction for the Philippines this year also weighed on sentiment.

Despite the pullback, trading volumes remained robust with 99.2 billion shares worth P9.88 billion traded.

Gainers still outnumbered losers 132 to 117, indicating underlying investor comfort with current market conditions.

However, investors remain hesitant to bid up blue-chip stock prices before the holidays, adopting a wait-and-see approach.

Industrial and Mining & Oil counters continued to advance, showing pockets of strength within the broader market.