Stocks drop as investors take profits

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July 1, 2026 | 12:00am

MANILA, Philippines — Investors yesterday locked in on gains and reorganized their stocks ahead of an uncertain second half, snapping the local stock market’s three-day winning streak.

The benchmark Philippine Stock Exchange index (PSEi) yesterday fell by 1.57 percent or 96.24 points to close at 6,037.17, as investors repositioned their stocks ahead of the second semester.

The broader All Shares index also lost one percent or 33.67 points to settle at 3,319.29.

RCBC chief economist Michael Ricafort said the decline is considered a healthy profit taking after gaining for three straight trading sessions.

Ricafort said the latest increase in minimum wage in Metro Manila by P85 could lead to higher prices of other affected goods and services.

Regina Capital Development Corp. head of sales Luis Limlingan said investors were also shaken by the recent tensions troubling the Middle East.

Both the United States and Iran are sending mixed signals on the next steps they want to take in their peace deal.

“Market sentiment turned cautious amid mixed signals on ongoing US-Iran peace talks. Overall risk appetite remained subdued,” Limlingan said.

President Donald Trump said the US would meet with Iran in Qatar but Iran said no negotiations are scheduled with the US in the coming days.

“The local bourse ended lower after profit taking, following gains over three straight sessions, as investors closed positions to end the first half,” Limlingan added.

All in all, the PSEi saw P6.74 billion worth of shares change hands, with the decliners edging out the gainers, 112 to 78, while 40 issues were unchanged.

Logistics giant ICTSI was the most actively traded stock yesterday, although its price stayed put at P890 apiece.