Local stock index falters amid profit-taking
By Doris C. Dumlao
The local stock market barometer fell below 7,300 on Friday as investors continued to pocket gains from the earlier run-up.
The local stock market barometer fell below 7,300 on Friday as investors continued to pocket gains from the earlier run-up.
The yen weakened against other major currencies in Asian morning trade on Friday as risk sentiment improved, with Tokyo stocks bouncing back following the previous day’s seven-percent plunge.
Hong Kong stocks opened 0.35 percent higher on Friday, recouping some of their losses from the previous session, which saw steep falls in line with a regional sell-off.
Philippine stocks ended in the green for a second straight session, bringing it closer to the index’s previous all-time high on May 15, but some analysts remained unconvinced that this was the start of a new uptrend.
Asian shares were mixed Tuesday after a dip on Wall Street ahead of testimony from the US Federal Reserve chief and a policy meeting of the Japanese central bank.
Investors loaded up on stocks of big local companies on Tuesday in the aftermath of the country’s mid-term elections, bringing the main index beyond the 7,300-mark for the first time.
Tokyo stocks opened 1.82 percent higher on Friday following the dollar’s surge past the 100 yen mark overnight.
Most local stocks trekked higher for a second session on Thursday on upbeat US stock markets and optimism over local first quarter earnings.
Local stocks bounced on Wednesday after a two-day slump, drawing strength from rallying US markets, an upbeat China trade data and a good stream of first quarter local corporate earnings.
Q: I recently sold all my stocks that I bought last year at a good price and made nice profits from it. I was expecting the index to correct heavily soon so I can buy back shares and position for another run-up but the market kept going up. People are now talking of a 10,000-point [...]
World stock markets were muted Tuesday as cheer over the better-than-expected U.S. jobs report faded.
Local stocks pulled back for a second session on Tuesday, albeit on thin volume, as rich valuations spurred profit-taking.
