Year-end profit-taking hits PSEi

MANILA  -Investors cashed in some profits with few trading days left for the year, leaving the Philippine Stock Exchange Index (PSEi) in the red territory on Wednesday.

The benchmark PSEi fell by 0.59 percent, or 38.2 points, to close at 6,462.80 while the broader All-Shares Index dropped by 0.33 percent, or 11.41 points, to settle at 3,415.89.

“[Investors] took some gains while awaiting fresh catalysts toward the year-end,” said Claire Alviar, assistant manager for research and online engagement at Philstocks Financial Inc.

“Many were observed on the sidelines, with a net market value turnover of P3.42 billion, lower than this month’s average of P4.18 billion thus far,” she added.

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Subsectors were mixed, with only property and mining and oil indices ending in the green with gains of 0.66 percent and 1.93 percent, respectively. Holding firms had the steepest decline with 1.66-percent drop.

About 1.44 billion shares valued at P3.95 billion were traded. Losers outpaced winners, 88 to 82, while 52 issues were unchanged.

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The most actively traded shares, BDO Unibank Inc., fell by 1.08 percent to P128.60 each.

This was followed by Ayala Land Inc., up 0.59 percent to P34.30; SM Investments Corp., down 1.71 percent to P889; and Metropolitan Bank & Trust Co., up 1.38 percent to P51.50. —Tyrone Jasper C. Piad INQ