THE local stock market fell back in the red on Tuesday, which analysts said can be attributed to profit-taking amid the national government's adjustments on the imposition of quarantine measures in Metro Manila to check rising Covid-19 cases.
The benchmark Philippine Stock Exchange index was down 0.69 percent, or 47.78 points, to 6,920.36, while the wider All Shares index plunged 0.23 percent, or 9.86 points, to 4,295.
Claire Alviar, Philstocks Financial Inc. research associate, said the main index declined on last-minute profit-taking "while understanding the new quarantine measures in Metro Manila."
"The market gained during the intraday, trying to breach the 7,000 psychological resistance as the government placed Metro Manila on laxer restrictions compared to modified enhanced community quarantine starting Sept. 16, 2021. However, bears won at the last minute," she said.
Investors in Philippine stocks turned into profit takers after hitting the 7,000 psychological mark intraday to lock in gains over several weeks of successive run-ups, said Luis Limlingan, Regina Capital Development Corp. managing director.
The market opened at 6,976.89 and reached an intraday high of 7,033.06 and a day low of 6,920.36.
Only the services gained at 0.27 percent while the mining index led the decline of local sectors at 1.39 percent.
Onshore, trading improved as net value turnover ended at P7.30 billion from this month's average of P5.6 billion.
Meanwhile, foreigners were net buyers at P3.6 billion.
Total volume turnover was at 4.71 billion shares valued at P31.17 billion.
Losers outpaced winners at 121 to 70 while 54 securities were unchanged.