Index manages to rise despite profit taking

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) managed to stay above the 7,300 mark despite profit taking.

The main composite index closed 1.36 points higher at 7,325.76 but the broader All Shares index declined 1.61 points, or 0.03 percent, to finish at 4,201.54.

Value turnover reached P6.76 billion as decliners edged out advancers, 91 to 72. Fifty-four stocks were left unchanged.

“Profit takers almost dominated the trading session but last minute bargain hunters eventually ruled the day. However, given the low value turnover, seems like most investors were just on the sidelines as they opt to wait for the results on the US Federal Reserve and Bank of Japan meetings this week,” Astro Del Castillo of First Grade Finance Inc. said.

Meanwhile, the PSE and the Securities Clearing Corp. of the Philippines will have regular trading, clearing and settlement on Nov. 17 and 20 after the Bangko Sentral ng Pilipinas (BSP) announced that all Philippine Payments and Settlements System (PhilPaSS) will be operational on the said dates.

Nov. 17 and 20 were earlier declared as non-working holidays for the government in the National Capital Region (NCR) because of the Asia Pacific Economic Cooperation meetings.

“We are grateful to the BSP for making financial clearing and settlement operations available to the public on Nov. 17 and 20. This development allows financial institutions, including the PSE, to continue their normal services to the investing public and various stakeholders even when government offices in NCR are closed on these dates,” said PSE president and CEO Hans Sicat.