PH stocks retreat due to profit-taking

Photo from pse.com.ph

MANILA, Philippines—The local stocks index soared to a new all-time high in Wednesday’s intraday trade but tumbled at closing due to profit-taking.

The main-share Philippine Stock Exchange index dipped by 11.71 points, or 0.2 percent, to close at 5,819.79. This was after it traded in positive territory for most of the session and even hit a new record intraday high of 5,859.54.

Trading was mixed across counters, with the industrial, holding firm and services counters dragging down the PSEi. On the other hand, the financial, mining/oil and property counters bucked the overall correction.

Value turnover amounted to P8.55 billion. There were 99 advancers versus 71 decliners while 43 stocks were unchanged.

Investors pocketed gains from many large-cap stocks and shifted to other stocks like PNB (+7.44 percent), newly listed D&L (+1.86 percent) and APM (+2.96 percent), which rose in heavy trade.

On the other hand, the index laggers were DMCI (-5.01 percent), Jollibee (-3.95 percent), AC (-3.23 percent), SMIC (-2.67 percent) and PLDT (-1.29 percent). Other PSEi stocks that weighed down the index were Meralco, SMC, BDO, SMDC and Globe.