Selling pressure dampens stocks

MANILA, Philippines – The stock market corrected yesterday as investors pocketed gains after an increase in share prices the past several days, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) tumbled 42.52 points or 0.57 percent to settle at 7,321.82 while the broader All Shares index lost 8.86 percent or 0.20 percent to end at 4,408.27.

Most of the counters ended in negative territory led by the holding firms, services, and property sectors which declined 0.79 percent, 0.67 percent and 0.41 percent.

Total value turnover reached P7.15 billion. Decliners outnumbered advancing stocks, 99 to 88 while 52 issues were left unchanged.

Analysts said the market was bound to correct after several days of closing in positive territory.

“For nine days the index has rallied and the market is now experiencing selling pressure,” said Paolo Hizon of Unicapital.

Analysts said investors also locked in  their gains ahead of US president-elect Donald Trump’s briefing first major media.

Investors will also take their cue from Trump’s media interaction and other plans of the incoming government, particularly whether the new president would be pro-government or would also adopt a protectionist wave as what is happening mostly in the west.

Trump is scheduled to hold a major media briefing on Wednesday night, Manila time.