Local stock index closes lower after 3 days of highs
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.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94