Investors cash in on gains from PSEi’s 3-day ascent

The benchmark Philippine Stock Exchange Index (PSEi) closed lower on Thursday, ending a three-day winning streak as investors locked in profits.

The PSEi closed down 0.47 percent, or 32.41 points, to 6,886 while the broader all-shares index slid lower by 0.09 percent, or 3.7 points, to 4,199.89.

Local investors booked profits as the S&P 500 and Dow Jones Industrial Average retreated while the tech-heavy Nasdaq hit a new record close.

Inflation worries

Inflation worries and the timing of a potential rate increase stayed in focus as investors digested comments by Dallas Fed President Robert Kaplan that the central bank could slow down asset purchases sooner than expected.

PSE subindices on financials and industrial were the only gainers on Thursday. Mining and oil, property, holding firms and services closed in negative territory.

Data from the PSE showed foreigners were net sellers to the tune of P912.2 million. A total of 4.35 billion shares valued at P6.5 billion changed hands, with losers outnumbering gainers 97-100 and 52 companies ending unchanged.

Manila Water Co. Inc. was the most actively traded on Thursday as it gained 3.18 percent to P18.18 per share.

It was followed by Monde Nissin Corp., up 4.07 percent to P15.34; AC Energy Corp., down 2.71 percent to P8.27; Ayala Land Inc., down 2.11 percent to P37.10 and BDO Unibank Inc., down 0.18 percent to P113.90 per share. INQ