Stocks slip as investors continue to cash in on gains
The benchmark Philippine Stock Exchange index (PSEi) plunged 74.59 points to settle at 8,170.14 while the broader All Shares index shed 30.79 points, or 0.63 percent, to end at 4,831.86. File
MANILA, Philippines — Share prices retreated anew on continued profit taking, analysts said.
The benchmark Philippine Stock Exchange index (PSEi) plunged 74.59 points to settle at 8,170.14 while the broader All Shares index shed 30.79 points, or 0.63 percent, to end at 4,831.86.
Analysts said the profit taking was not surprising as the benchmark index has been hitting historic highs the past several days.
Most of the counters except for the services index took the cue from the major indexes, closing in negative territory.
Total value turnover reached P9.61 billion. Market breadth was negative – 138 against 63 in favor of decliners. Fifty-three issues were left unchanged.
Traders said the market’s performance is a reflection of further profit taking as the index tries to retract its step back to the 8,100 level.
Meanwhile, the Philippine Stock Exchange Inc. (PSE) said the Energy Development Corp. (EDC) will be removed from the PSEi as its free float level dropped below the 12 percent minimum requirement to qualify as a main index constituent.
EDC will be replaced by Robinsons Retail Holdings Inc. (RRHI). RRHI, which was listed in November 2013, is the fifth stock from the Services sector that is part of the PSEi.
RRHI will be included in the PSEi effective tomorrow.
The companies in the index are dubbed as the cream of the crop among the publicly-listed companies, being the most liquid and well capitalised listed companies in the Philippines.
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