Most PH stock prices tumble amid profit-taking
MANILA, Philippines—The local stock market retreated from record highs on Thursday as investors pocketed gains while a string of large equity deals and expectations of more equity offerings sapped some liquidity from the open market.
The main-share Philippine Stock Exchange index tumbled by 110.08 points or 1.61 percent to finish at 6,725.13.
Some large overnight equity deals, such as Ayala Land’s $300 million and RCBC’s $150-million stock deals, tempered the market’s rise as investors snapped up shares at a discounted offering instead of buying stocks at lofty prices. Others chose to stay liquid in anticipation of other upcoming block offerings, dealers said.
Across the region, profit-taking was likewise pervasive after two days of strong gains. Investors stayed on the sidelines in anticipation of further clues from major central banks on monetary policy. Investors were cautious ahead of the meetings of the central banks of Britain and the euro zone after the Bank of Japan kept its policy rates on hold.
At the local market, ALI (-5.63 percent) and AC (-4.10 percent) were the day’s most actively traded companies after its overnight equity deal. RCBC (not part of PSEi) also saw its share price decline by as market tracked the pricing of the overnight deal.
Turnover swelled to P23.87 billion because of recently concluded equity deals.
Metrobank fell by 4.25 percent despite announcing 2012 profit results that exceeded consensus. There was likewise profit-taking on AGI, SM Prime, PLDT, DMCI, Meralco, Semirara, EDC, Petron and MPI.
On the other hand, SM Investments bucked the downswing, rising by 1.64 percent.
All counters ended in the red but property was the most battered (-3.03 percent).
In the broader market, there were nearly twice as many decliners (109) as there were advancers (58).