Shares slide as investors secure previous profits
The benchmark Philippine Stock Exchange Index (PSEi) pulled back on Thursday as jittery investors pocketed profits after recent gains.
The PSEi closed the session down 1.13 percent, or 80.93 points, to 7,061.49 while the broader all-shares index sank 0.65 percent, or 24.59 points, to 3,752.54.
“Philippine shares succumbed to profit taking following other Asian markets,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Thursday.
The PSEi struggled to break past its near-term resistance of 7,200 as property, services and holding companies declined.
The index was pulled lower by Ayala Land Inc. and SM Prime Holdings, which were down 1.69 percent and 3.14 percent, respectively, while SM Investments Corp. slid 1.37 percent.
Trading volume moved higher on Thursday as 895.46 million shares valued at P6.04 billion changed hands.
Article continues after this advertisementPhilippine Stock Exchange data showed 91 losers against 83 advancers while 61 companies closed unchanged.
Article continues after this advertisementBank of the Philippine Islands was the most actively traded on Thursday as it gained 0.20 percent to P100 per share.
It was followed by BDO Unibank Inc., up 1.89 percent to P135; SM Investments Corp., down 1.37 percent to P865; Ayala Corp., up 0.26 percent to P780; and SM Prime Holdings Inc., down 3.14 percent to P37 per share.
Other active names were Universal Robina Corp., down 2.91 percent to P113.50; International Container Terminal Services Inc., down 3.81 percent to P222.20; Ayala Land Inc., down 1.69 percent to P35; Converge ICT Solutions Inc., up 1.83 percent to P30.55; and AC Energy Corp., down 1.74 percent to P8.45 per share.
