Profit-taking drags market lower by 1.33%
Local stocks further retreated from recent record highs Tuesday, ending lower for the second straight session, on profit-taking.
The main-share Philippine Stock Exchange index shed 91.16 points or 1.33 percent to 6,748.43 as the initial euphoria arising from Fitch Rating’s recent investment grade rating on the Philippines waned. It did not help that regional markets were muted by weak US manufacturing data.
Dealers said the pullback was not a surprise as investors needed to lock up gains after posting multiple highs this year, which now marked the fifth year of the stock market’s upswing. On Monday, a new intra-day high of 6,956.92 was hit before a fresh wave of profit-taking.
All counters closed in the red but the biggest decline was incurred by the mining/oil counter.
The index was weighed down most by BPI (-4.13 percent) and First Gen (-3.6 percent) while investors also dumped shares of Megaworld, Philex, Ayala Land, DMCI, Energy Development Corp., SM Development Corp., ICTSI and BDO.
The day’s index decline was tempered by the gains made by Globe Telecom (+1.57 percent) and Petron (+0.97 percent). Bloomberry and Meralco also ended higher.
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