Philippine stocks declined for a second-straight day Thursday as investors “took a pause” and pocketed profits following recent gains.
The benchmark Philippine Stock Exchange index dipped 0.51 percent, or 32.68 points, to 6,429.79 yesterday while the broader all-shares index declined 0.15 percent, or 5.67 points, to 3,878.82.
All sub-indices closed in the red save for the property sector, which gained 1.26. Decliners were led by services (0.8 percent) and holding firms (0.6 percent).
“The market is susceptible to profit-taking. We think it will continue to consolidate in the next few days,” Astro del Castillo, managing director at First Grade Finance Inc., said in an interview yesterday.
He noted, however, that the outlook remained positive and that corporate earnings would still rise.
“The market is just taking a breather,” he added.
A total of 1.8 billion shares valued at P6.53 billion changed hands. There were 79 decliners against 69 advancers while 51 stock prices were unchanged.
Philippine Long Distance Telephone Co., the most actively traded stock yesterday, declined 2.23 percent to P2,720 per share. Yesterday was the ex-date for the company’s regular and special cash dividend.
Other actively traded stocks were International Container Terminal Services Inc., which closed flat at P100, Universal Robina Corp. (-0.78 percent to P140.30), Bank of the Philippine Islands (-0.87 percent to P91), and Ayala Land Inc. (+0.7 percent to P28.70). Miguel R. Camus