Stocks clip gains at close as investors take profit

MANILA, Philippines — The stock market index went past the 8,000 mark during yesterday’s trading, but failed to stay at this level as investors decided to take profit.

The benchmark Philippine Stock Exchange index (PSEi) managed to climb by 1.69 points, or only 0.02 percent,  to close at 7,910.58.

The sectoral indices, meanwhile, were a mixed bag. The services, holding firms and financials were in the green while the property, mining and oil and industrial finished in the red. 

Foreign flows transitioned to a net buying figure of P549 million yesterday from last Friday’s selling of P490 million.

Traders said the market manage to trade stronger yesterday on “so far, so good” corporate earnings results.

Renewed hopes for a US-China trade deal also helped to buoy the market.

“The local bourse traded a little bit higher yesterday on the back of US-China trade deal hopes and optimistic anticipation of the 2018 corporate earnings results. Still, the market shed gains as investors chose to book profits in the second half of the session,” Philstocks Financials said.

Neighboring markets were also in the green with the US-China trade negotiations set to conclude in Washington this week.

The US said it was closer to “having a real trade deal” with Beijing and that tariffs may be removed if a real agreement is reached.