Index continues to drop on profit taking
MANILA, Philippines - The Philippine Stock Exchange Index (PSEi) retreated yesterday as investors opted to take profits, analysts said.
The PSEi plunged 0.56 percent or 40.61 points, marking a five-day losing streak to close at 7,161.27. The broader All Shares followed the drop, declining 0.47 percent or 20.05 points to 4,239.64.
All counters recorded a decline, with mining and oil firms suffering a sharp drop of 204.51 points.
Astro del Castillo, managing director of First Grade Finance Inc., said Monday’s market performance was a backlash of last week’s Bangko Sentral ng Pilipinas rate hike.
He said the market was also due for “correction and profit-taking” following recent gains.
“It was more of a series of concerns following the rate hike. Now the market is fully feeling its implication,” Del Castillo said.
Total turnover value plummeted to P6.19 billion from last Friday’s P7.16 billion. Decliners crushed advancers, 108 to 66, while 46 stocks were unchanged.
Abroad, Asian stocks were mostly down while the three main indexes on Wall Street ended at a loss, with the S&P 500 incurring the largest decline at 0.60 percent.
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