Index tumbles as profit takers overwhelm market

MANILA, Philippines - Profit takers overwhelmed the local stock market yesterday, snapping a four day winning streak of the benchmark index.

The Philippine Stock Exchange index (PSEi) slipped 0.83 percent or 60.90 points to end at 7,299.85, while the broader all shares index tumbled 0.63 percent or 26.97 points.

Local share prices fell despite upbeat US stocks and higher Asian shares as gains from previous days’ sharp rises proved to be too hard for investors to resist, analysts said.

“The market fell due to profit taking, and also lack of market moving news locally,” said Freya Natividad, analyst at Papa Securities Inc.

The local benchmark index has been on a four-day winning streak and is fresh from record-setting Wednesday performance. Thursday’s outcome was PSEi’s first finish below the 7,300 level for the week.  

Most counters were on the red except for the mining and oil and property firms which gained 0.49 percent and 0.03 percent, respectively.

Services firms led all counters in the green as it fell 1.50 percent.

Market breadth was again negative as decliners pummeled advancers, 105 to 73, while 47 stocks were unchanged. Value turnover rose to P9.73 billion from P8.50 billion the previous day.