Profit-taking pulls down PH stocks

The benchmark Philippine Stock Exchange index (PSEi) yesterday succumbed to profit taking after a three-day rally.

The PSEi closed Thursday’s session lower by 0.86 percent, or 68.6 points, to 7,904.34.

It was a volatile session, with the PSEi again hitting an intraday high of 8,001.6.

The broader all-shares index was also down 0.78 percent, or 37 points, to 4,738.83.

All subcounters ended in the red, save for mining and oil, which gained 0.18 percent.

The biggest losers were holding firms, down 1.3 percent and property companies, down 1.18 percent.

Data from the PSE showed that a total of 2.5 billion shares valued at P8.2 billion changed hands.

Decliners outnumbered gainers 131 to 63 while 65 companies closed unchanged.

BDO Unibank Inc. was the most actively traded on Thursday as it lost 0.57 percent to P121.50 per share yesterday.

It was followed by Metropolitan Bank and Trust, down 0.22 percent to P91.50, SM Investments Corp., down 0.82 percent to P791, Semirara Mining and Power Corp., up 1.79 percent to P165.20, and Alliance Global Group Inc., down 0.14 percent to P13.96 per share.

Other actively traded stocks were Ayala Land Inc., up 0.48 percent to P41.90, SM Prime Holdings Inc., down 2.75 percent to P33.55, and Megaworld Corp., down 0.42 percent to P4.73 per share.