PH stocks continue to slide
Share prices on Wednesday extended their slide to a third straight day as investors continued to book profits after the index’s recent record highs.
The main Philippine Stock Exchange Index (PSEi) shed 0.14 percent, or 9.86 points, to close at 6,776.56 points. The broader All-Shares index also slipped 0.09 percent.
In its daily note, brokerage firm 2TradeAsia said share prices succumbed to profit-taking as investors repositioned themselves at new support zones.
SM Investments Corp. led the slide as the day’s most actively traded share, falling 0.54 percent to close at P1,098 on Wednesday.
On the other hand, dominant network and former bellwether Philippine Long Distance Telephone Co. gained 0.27 points to close at P2,968.
Gaming firm Bloomberry Resorts Corp., a recent entry to the 30-company basket that makes up the main index, advanced 0.67 percent to P15.60 a share. This comes ahead of the opening of the company’s multibillion-dollar casino this weekend.
All subindices were in the red except for the financials counter, which rose 0.11 percent on the back of Bank of the Philippine Islands’ gains. The decline was led by the services sector, which lost 0.31 percent.
The day’s 71 advancers were edged out by 99 decliners, while 38 issues were unchanged. A total of 3.32 billion shares worth P10.67 billion changed hands.-Paolo G. Montecillo
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