MANILA, Philippines — The Philippine Stock Exchange index went down yesterday as investors decided to take profits once again, analysts said.
The main composite index shed 35.43 points, or 0.42 percent, to finish at 8,267.92 while the broader All Shares index lost 19.11 points, or 0.39 percent, to settle at 4,845.45.
Most sectoral indexes led by the holding firms and services sectors were unable to hold out, declining 0.82 percent and 0.6 percent, respectively.
Total value turnover was thin at P4.72 billion. Market breadth was negative, 102 to 77 in favor of decliners. Fifty eight issues, meanwhile, were left unchanged.
Traders said the local stock market also took the cue from the decline in Wall Street.
“Both Philippines and US stock market indexes ended lower on a rather sluggish week once again. As for the US, this was amid disappointing earnings results,” said Luis Limlingan of Regina Capital.
Traders said the market would likely regain momentum after next week’s break as third quarter corporate earnings results–which are expected to be better–would likely boost sentiment.
Likewise, the passage by Congress of the Duterte administration’s tax reform package, possibly in the third quarter would also provide additional impetus for investors to park their funds in the market as this could mean a credit rating upgrade for the country.