Profit taking snaps 3-day stock rally

MANILA, Philippines — The stock market snapped a three-session winning streak as investors decided yesterday to take profits.

The Philippine Stock Exchange index gave up 16.41 points, or 0.20 percent, to close at 7,869.56.

The broader All Shares index joined the descent, dropping by 15.34 points, or 0.32 percent, to settle at 4,754.80.

“We noticed profit taking in the morning session. Volume was still low,” Regina Capital Development Corp. president Marita Limlingan said.

Value turnover contracted to P6.38 billion from yesterday’s P8.6 billion.

Limlingan, however, said market sentiment may further improve in the coming days.

Asian stocks were also generally lower on fresh concerns from North Korea.

In the local shores, only two of the six sectoral indices finished in the positive territory.

Property as well as mining and oil gained 0.86 percent and 0.62 percent, respectively.

Meanwhile, leading those in the red were holding firms and industrial, which fell 0.93 percent and 0.66 percent, respectively.

Market breadth was negative as decliners pummeled advancers, 106 to 84, while 53 stocks were unchanged.