Index ends below 8,000 on continued profit taking

MANILA, Philippines — The benchmark Philippine Stock Exchange index finished in the red yesterday, falling by 19.02 points or 0.23 percent to finish below the 8,000 mark at 7,989.65.

The broader All Shares index, on the other hand, was slightly up by 4.04 points or 0.08 percent to end at 4,814.01.

It was losing day, however, for the counters as all finished in negative territory.

The mining and oil and the property gauges led the decline.

Total value turnover was likewise thinner at P6.661 billion and market breadth was negative, 120 to 77, while 57 issues were unchanged.

The market declined after the government statistics agency revised  downward the third quarter 2018 gross domestic product (GDP) growth to six percent from 6.1 percent previously.

The full year and fourth quarter results will be released today.

Luis Limlingan, managing director at Regina Capital, said there was profit taking on slower global growth and trade talk uncertainties and some precaution ahead of the GDP reporting. 

On the trade talks, the Trump administration rejected a proposed visit by two Chinese vice ministers this week for preparatory trade talks.