Index ends lower on technical correction
Total value turnover reached P10.165 billion as net foreign selling prevailed. Net foreign buying reached P5.26 billion while foreign selling was at P7.21 billion or a net sale of P1.9 billion. File
MANILA, Philippines — The stock market weakened yesterday due to technical correction, pushing the main composite index 66.42 points lower at 8,420.95. The broader All Shares gauge was also lower by 36.68 points to settle at 4,913.79.
Most counters were down led by the mining and oil index, which gave up at 1.82 percent.
Total value turnover reached P10.165 billion as net foreign selling prevailed. Net foreign buying reached P5.26 billion while foreign selling was at P7.21 billion or a net sale of P1.9 billion.
The best performers of the session yesterday included the International Container Terminal Services Inc., which rose 1.37 percent to close at P103.4.
Likewise, JG Summit Holdings Inc. gained 1.33 percent to end at P76.200.
Lopez-owned First Gen Corp. fell 6.12 percent to P16.88 at the close. Ayala Corp. declined 4.12 percent to end at P1,070.
Luis Limlingan of Regina Capital said the combination of the political tensions in Europe and lackluster economic data from China were the main catalyst for the perceived overseas weakness of the market, even with robust corporate earnings gradually streaming in.
“Hence, the PSEi succumbed to profit taking once again today,” Limlingan said.
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