PSEi dives as investors sustain profit-taking rush
The Philippine Stock Exchange index (PSEi) plunged to the 6,400 territory as investors spent the last trading day of the week still collecting profits from earlier gains.
The benchmark PSEi dropped by 3.64 percent, or 245.34 points, to close at 6,489.65 while the broader All Shares index fell by 2.32 percent, or 81.38 points, to end at 3,419.65.
“Following a meteoric rise in the market, investors finally decided to cash in to close the week, with majority of the regional [markets] declining,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Claire Alviar, Philstocks Financial Inc. assistant manager for research and online engagement, added investors also took some profits before the announcement of the November inflation data on December 6.
The Bangko Sentral ng Pilipinas had said inflation could have settled within 7.4 percent to 8.2 percent last month. The midpoint of that range, 7.8 percent, is higher than the 7.7 percent print in October.
“Foreigners were net sellers, registering an outflow of P846.26 million while net market value turnover was recorded at P4.97 billion,” Alviar added.
All sectors were in the red. Holding firms index had the steepest decline at 5.11 percent, followed by financials with a 2.84-percent decrease.
About 874.3 million shares amounting to P6.32 billion were traded. Losers outpaced winners, 108 to 75, while 56 issues were unchanged.
SM Investments Corp. was the most actively traded, sliding by 8.01 percent to P901.50 each.
It was followed by GT Capital Holdings, down 2.67 percent to P438 per share; SM Prime Holdings, down 3.27 percent to P34.05; BDO Unibank Inc., down 1.38 percent to P128.20; Ayala Land Inc., down 2.03 percent to P29; and International Container Terminal Services Inc., down 1.68 percent to P193.50.
Other active names were Bank of the Philippine Islands, down 4.81 percent to P99; Jollibee Foods Corp., down 1.5 percent to P237; Globe Telecom Inc., down 2.98 percent to P2,280; and Converge ICT Solutions Inc., down 4.38 percent to P15.30.
