Stock selloff stretches for 3rd straight day
The benchmark Philippine Stock Exchange index shed 33.95 points, or 0.42 percent, to finish at 7,872.65 while the broader All Shares index lost 16.17 points, or 0.34 percent, to settle at 4,707.74. File
MANILA, Philippines - The stock market witnessed another round of selloff yesterday as investors continued to pocket gains from the recent run-up.
The benchmark Philippine Stock Exchange index shed 33.95 points, or 0.42 percent, to finish at 7,872.65 while the broader All Shares index lost 16.17 points, or 0.34 percent, to settle at 4,707.74.
The sectoral indexes were a mixed bag as the financials, mining and oil and property sectors stayed in negative territory.
Total value turnover reached P7.03 billion as advancing stocks totalled 99 while decliners numbered 92. Fifty five issues were left unchanged.
Earlier in the day, the market was trading higher but momentum was not sustained by the end of trading which reversed earlier gains.
This is the third straight session that the PSEi has declined after hitting new highs last week.
Among yesterday’s losers are Aboitiz Equity Ventures, which posted a two percent decline in first half income to P10.3 billion from P10.5 billion a year ago.
During the period, AEV recognized non-recurring foreign exchange losses of P495 million compared to last year’s gain of P100 million.
Without the one-offs, AEV’s core net income increased three percent year-on-year from P10.4 billion to P10.8 billion.
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