Investors scramble to book profits after inflation forecast
The Philippine Stock Exchange index (PSEi) took a respite on Thursday as investors cashed in their gains from a six-day rally.
The benchmark PSEi fell by 0.68 percent, or 45.79 points, to close at 6,734.99 while the wider All Shares index dropped by 0.37 percent, or 12.95 points, to settle at 3,501.03.
“After six consecutive days of market rally, the local bourse dropped … as investors booked profits,” said Claire Alviar, Philstocks Financial Inc. assistant manager for research and online engagement.
She added the Bangko Sentral ng Pilipinas’ inflation forecast of 7.4 percent to 8.2 percent in November “somehow weighed on sentiment as the median of 7.8 percent remains higher than last month’s 7.7-percent inflation rate.”
Half of the sectors ended in the green, with mining and oil index booking the most gains at 3.22 percent. Property index, meanwhile, fell the deepest at 3.75 percent.
About 796.43 million shares amounting to P10.11 billion were traded. Advancers led decliners, 112 to 77, while 40 issues were unchanged.
Article continues after this advertisementGT Capital Holdings was the most actively traded, with shares climbing by 2.51 percent to P450 each.
It was followed by SM Investments Corp., up 4.37 percent to P980; Jollibee Foods Corp., down 1.80 percent to P240.60; BDO Unibank Inc., down 0.08 percent to P130; and International Container Terminal Services Inc., down 4 percent to P196.80.
