Local stock index closes lower after 3 days of highs

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MANILA, Philippines—Local stocks took a breather on Wednesday after a three-day winning streak that propelled the main index to record highs.

The Philippine Stock Exchange index shed 39.14 points or 0.6 percent to close at 6,431.35.

Elsewhere across the region, markets were mostly higher due to an improved global economic outlook.  At the local market, sentiment remained buoyant but profit-taking was more tempting for some.

By counter, the services (-1.08 percent) and property (-2 percent) counters weighed down the main index the most.

Investors sold shares of SM Prime, AGI, ALI, PLDT, SMIC, AC, BPI, Megaworld, FGEN and MPI.  There was profit-taking also on D&L, Bloomberry and Puregold.

On the other hand, BDO, EDC, Metrobank, Petron, URC and SMC bucked the day’s downturn.  GT Capital also posted gains in heavy volume.

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  • manongcastro

    What’s with the property index? What a big drop!

    • willbillywilly

       That is just normal for sectors that have gone up a lot. Its a welcome opportunity to start accumulating for those who have not yet entered the market

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