PH equities decline on profit-taking

FILE PHOTO

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) stumbled after the previous session’s strong rally as investors banked profits ahead of the holiday.

The PSEi slipped 0.31 percent, or 20.24 points, to 6,502.85 while the broader All Shares index slumped 0.19 percent, or 6.65 points, to 3,463.81.Stock market trading on Wednesday will be suspended due to the Eid’l Adha (Feast of Sacrifice), the exchange announced.

The benchmark index jumped over 2 percent on Monday on bargain hunting at a key support level, said Jonathan Ravelas, senior adviser at Reyes Tacandong & Co. He said it was possible for the rebound to extend up to 6,600.

PSE subsectors were mixed on Tuesday as services and industrial stocks gained while mining and oil, holding firms and financials pulled back.

A total of 562.94 million shares valued at P4.16 billion changed hands while foreigners were net buyers to the tune of P552.6 million, data from the stock exchange showed. International Container Terminal Services Inc. was the top traded stock as it rose 1.46 percent to P209 per share.

It was followed by SM Investments Corp., down 1.08 percent to P919; BDO Unibank Inc., down 2.14 percent to P137; Metro Pacific Investments Corp., up 0.84 percent to P4.79; and Jollibee Foods Corp., down 1.32 percent to P238.60 per share.

Universal Robina Corp. was flat at P138; Ayala Land Inc., up 1.62 percent to P25.10; Ayala Corp., down 0.79 percent to P630; and Bank of Philippine Islands, up 1.11 percent to P109.10; and Bloomberry Resorts Corp., up 1.48 percent to P10.96 per share.

Overall there were 84 losers against 82 advancers while 55 companies closed unchanged, data from the stock exchange showed.