PSEi ends lower as investors make a beeline for profits

The benchmark Philippine Stock Exchange index (PSEi) closed lower on Wednesday as investors locked in profits.

The PSEi ended the session down 0.42 percent, or 31.2 points, to 7,382.43. The broader all-shares index was also down 0.34 percent or 15.38 points to 4,443.38.

“Philippine shares finally succumbed to profit-taking after successive sessions of closing in the green, without any fundamental local catalyst driving the market,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

The decline also came as equity markets across the region ended mixed.

On a subsector basis, only industrial and holding companies closed in the green. Losers were led by property, down 0.99 percent, followed by financials, down 0.62 percent, and services, lower by 0.32 percent.

Trading volume was relatively subdued. Data from the PSE showed that 1.15 billion shares valued at P7.2 billion changed hands yesterday.

There were 95 losers against 81 decliners, while 54 companies closed unchanged.

Metropolitan Bank & Trust Co. was the most actively traded yesterday as it lost 1.43 percent to P75.85 per share yesterday.