PSEi slips on profit-taking

AFP FILE PHOTO

MANILA—The local stock index slipped for the third straight session on Friday, reversing modest gains in early trade, as investors pocketed gains from blue-chip stocks.

The main-share Philippine Stock Exchange index shed 78.09 points or 1.22 percent to close at 6,339.26. For the week, the index declined by 51.98 points or 0.81 percent.

After 18 days of foreign investors being on net buying position, there was net foreign selling for the day in the amount of P267 million as lofty prices as the main index breached 6,400 encouraged profit-taking.

Most counters declined, led by the financial, holding firm and services counters, which all slumped by over 1 percent. Only the property counter eked out modest gain.

Across the region, stock markets were mostly firmer after an overnight rebound by US equities. This was after Wall Street got over the initial jitters following US Federal Reserve chair Janet Yellen’s hint of a potential rise in US interest rates as soon as six months after the end of the tapering of monetary stimulus. Investors also took heart from better-than-expected factory output in the US report.

Turnover was heavy at P13.34 billion, including block transactions on PLDT and EMP.

There were as many advancers as there were decliners (79) while 47 stocks were unchanged.