PSEi ignores Wall St gains
The benchmark Philippine Stock Exchange index (PSEi) shed 25.89 points, or 0.32 percent, to finish at 7,917.86 while the broader All Shares gauge lost 3.97 points or 0.08 percent to finish at 4,719.24. File
MANILA, Philippines - Share prices declined yesterday as investors took profits, ignoring Wall Street gains, analysts said.
The benchmark Philippine Stock Exchange index (PSEi) shed 25.89 points, or 0.32 percent, to finish at 7,917.86 while the broader All Shares gauge lost 3.97 points or 0.08 percent to finish at 4,719.24.
All the other counters likewise ended in negative territory.
Only the mining and oil index closed in the green, gaining 27.55 points or 0.22 percent to finish at 12,493.20.
Meanwhile, advancing stocks outpaced decliners albeit by a slim difference, 95 to 91 while 52 issues were left unchanged.
Total value turnover stood at P7.08 billion.
Commenting on yesterday’s trading, Luis Limlingan of Regina Capital said gains in the US tech sector were apparently limited as they did not extend to the Philippine markets this trading session.
“Local stocks saw some profit taking after a sharp run up the previous day. Investors were also waiting for the latest announcement on China’s fourth attempt at breaking into the MSCI’s benchmark share indices,” he said.
In addition, he also said global crude prices also dropped as drillers are continuing their additions to oil rigs and Saudi is still stubborn in saying that oil levels are balanced despite Libya adding up inventory.
Among the worst performers during yesterday’s session were Robinsons Land Corp., which declined two percent to P24.5 and LT Group Inc., down 1.84 percent to finish at P14.94.
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