Shares retreat from record high on profit taking
The benchmark Philippine Stock Exchange index erased previous gains, closing 66.01 points lower to finish at 8,431.73 while the broader All Shares index shed 34.07 points, or 0.68 percent, to end at 4,924.46. File
MANILA, Philippines — The stock market succumbed to profit taking yesterday after testing the 8,500 level.
The benchmark Philippine Stock Exchange index erased previous gains, closing 66.01 points lower to finish at 8,431.73 while the broader All Shares index shed 34.07 points, or 0.68 percent, to end at 4,924.46.
The rest of the counters likewise closed in negative territory.
Total value turnover reached P9.26 billion. Declining stocks outnumbered advancers, 138 to 72, while 35 issues were left unchanged.
Traders said market investors took profits after several days of reaching historic highs.
On Tuesday, the Philippine Stock Exchange index (PSEi) rallied to a new all-time high after US indexes closed at record levels and on expectations that China’s third quarter GDP will be within target.
PSE president and chief executive officer Ramon Monzon attributed the recent highs to soaring US stocks coupled with hopeful optimism on third quarter corporate earnings.
Since the start of the year, the PSEi has risen 24.2 percent.
Traders said to make the rallies more sustainable, investors are looking for stronger catalysts, particularly the final passage of the Duterte administration’s tax reform package.
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