Philippine stocks fall anew due to further profit-taking

Photo from pse.com.ph

MANILA, Philippines—Local stocks succumbed to further profit-taking on Tuesday, bringing the index below the 5,400 mark.

The main-share Philippine Stock Exchange index slid by 39.23 points, or 0.72 percent, to close at 5,394.90. The financial index again was the most battered sector as its counter declined by 1.41 percent. All counters ended in the red.

Value turnover amounted to P6.6 billion. There were about twice as many decliners for every single gainer.

The decline was led by PLDT (-1.09 percent), Metrobank (-2.33 percent), Megaworld (-1.66 percent), Ayala (-1 percent), BDO (-2.02 percent) and URC (-1.46 percent). SMIC, BPI and FGen also ended lower.

On the other hand, AGI (+2.1 percent) and Manila Water (+0.34 percent) bucked the day’s downturn.  Among non-index stocks, Puregold (+1.01 percent), gained ground.

Metrobank, in its daily research, noted that the local market was still bullish especially through December until January on the back of seasonality.

“However, consolidation in the pipeline within the week is likewise seen given the market’s rise to new record highs. Also, uncertainty over global economic recovery will continue to weigh on the market sentiment,” the bank said in its daily research.