The local stock barometer went on a roller-coaster ride on Wednesday, retesting 8,000 in intra-day trade but ended up reversing earlier gains due to profit-taking pressure.
The main-share Philippine Stock Exchange index lost 33.95 points or 0.43 percent to close at 7,872.65. It hit as high as 8,032.91 but closed at the intra-day low.
The local stock market likewise bucked the upswings seen in most regional markets.
The day’s decline was led by holding firms, whose sub-index fell by 1.12 percent. The industrial and services counters also slipped.
The financial, mining/oil and property counters firmed up.
Value turnover for the day hit P7.03 billion. Despite the PSEi’s decline, there were 99 advancers that outnumbered 92 decliners, while 55 stocks were unchanged.
Domestic investors were the ones dumping stocks as there was net foreign buying during the day amounting to P500.83 million.
The PSEi was weighed down by the decline of Megaworld and Jollibee, which both fell by more than 2 percent while SM Investments fell by over 1 percent.
Metrobank, Ayala Corp., AGI, Semirara, JG Summit, Puregold and BPI also declined.
Outside of the PSEi, one notable decliner was Waterfront, which lost 3.62 percent in relatively heavy trade.
ALI bucked the day’s downturn, gaining 2.2 percent. BDO and URC gained over 1 percent while GT Capital and LTG also firmed up.
Notable gainers outside the PSEi included Vitarich and EastWest Bank, which rose by 6.05 percent and 2.49 percent, respectively.
East West yesterday reported a 60-percent jump in first semester net profit to P2.5 billion.