PSEi rally ends as traders lock in gains ahead of holidays

The stock market corrected lower after investors took profits after a three-day rally and ahead of the long weekend.

The benchmark Philippine Stock Exchange index tumbled 1.24 percent, or 77.15 points, to 6,153.43 while the broader All Shares index shed 0.76 percent, or 25.09 points, to 3,257.29.

“The pullback seems to be a wholly technical reaction after three straight days of rallying. Profit takers likely locked in gains, as it was also month’s end,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Friday.

“There was relatively less volume than usual today, ahead of the long holiday weekend,” he added.

‘Hot money’

Trading resumes next Wednesday as markets will be closed during the All Saint’s Day holiday period.

A total of 421.66 million shares valued at P4.21 billion changed hands while foreigners were net sellers in the amount of P41.5 million.

Investors also weighed government data showing “hot money” net outflows in September hitting $367 million, the worst showing in five consecutive months.

Philippine stock exchange subsectors were mostly lower, save for financials (+0.55 percent), which was lifted by strong earnings from BDO Unibank Inc.

Property and mining and oil lost 2.59 percent and 2.59 percent each, followed by holding firms, down 1.59 percent; services, down 0.6 percent; industrial, down 0.36 percent.

BDO was the top traded stock as it rose 0.24 percent to P127.30 per share.

95 losers

It was followed by SM Prime Holdings Inc., down 2.93 percent to P31.50; Semirara Mining and Power Corp., down 5.92 percent to P34.95; Ayala Land Inc., down 3.41 percent to P25.50; and Ayala Corp., down 0.45 percent to P667 per share.

Globe Telecom was up 0.09 percent to P2,322; PLDT Inc., up 0.99 percent to P1,634; International Container Terminal Services Inc., down 2.54 percent to P173; Bank of the Philippine Islands, up 1.8 percent to P96; and San Miguel Corp., down 2.29 percent to P96.20 per share.

Overall, there were 95 losers against 70 advancers while 58 companies closed unchanged, stock exchange data showed.