Stocks end weaker on profit taking

MANILA, Philippines - Share prices plummeted for a third consecutive session yesterday to close the week on a sour note as investors continued to take profits.

The benchmark Philippine Stock Exchange index (PSEi) fell 0.35 percent or 26.03 points to close at 7,238.52, while the broader All Shares index suffered the same fate, dropping 0.43 percent or 19.15 points to settle at 4,360.83.

Analysts attributed the decline on the continuous profit taking among investors which the local market has seen for three straight days until yesterday.

Following US president-elect Donald Trump’s press briefing that sent the market reeling on Thursday, analysts said China’s disappointing trade data prompted investors to take on another selling position yesterday.

“The PSEi is showing a bearish trend and it will test its 7,200 support before it shows an uptrend,” Regina Capital managing director Luis Limlingan said.

All sectors except for industrial closed in the red, with mining and oil suffering the biggest blow with a 2.76 percent drop.

Industrial sector, meanwhile, managed to eke out a 0.04 percent increase.

Market breadth was negative as decliners reigned over advancers, 114 to 67, with 55 stocks unchanged. Value turnover stood at P5.37 billion.