PSEi falls on profit-taking

MANILA, Philippines — The Philippine Stock Exchange Index (PSEi) slipped on Wednesday as investors pocketed gains after a three-day rally.

By the end of the trading session, the PSEi declined by 0.41 percent or 25.82 points to close at 6,292.09.

The broader All Shares Index, meanwhile, inched up by 0.16 percent or 5.84 points to 3,594.19.

Only the industrial and mining sectors booked gains. Meanwhile, the services posted the largest loss at 1.29 percent.

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“The market fell…, giving back some gains from yesterday as profit-taking hit major sectors like banks and large property firms,” AB Capital Securities said in its report.

“Market breadth was slightly negative, suggesting consolidation after the recent rise,” it added.

Philstocks financial research manager Japhet Tantiangco also said investors became “wary” as the local currency took a beating anew against the US dollar. The Philippine peso hit its weakest level yet at 59.36:$1.

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This, as markets brushed off recent geopolitical tensions and set their focus on upcoming US macroeconomic data.

But Tantiangco noted that trading remained “active” as net value turnover reached P6.82 billion.

Semirara Mining and Power Corp. was today’s index standout, gaining 4.47 percent to P30.40. San Miguel Corp., on the other hand, was the main loser, declining 2.27 percent to P84.

Decliners outnumbered advancers at 107 to 101, with 68 names unchanged. INQ