Total value turnover, meanwhile, reached P7.2 billion. Market breadth was negative, 110 to 87 while 53 issues were unchanged.
KJ Rosales
Index ends 4-day climb, slides on profit taking
Iris Gonzales (The Philippine Star) - May 24, 2019 - 12:00am

MANILA, Philippines — The stock market corrected yesterday after four straight days of rally, closing 11.04 points lower at 7,804.03.

Likewise, the broader All Shares gauge was also down by 12.59 points, or 0.26 percent, to finish at 4,809.26.

Most sectors were down led by financials, services, industrial and holding firms.

Total value turnover, meanwhile, reached P7.2 billion. Market breadth was negative, 110 to 87 while 53 issues were unchanged.

Traders said the market corrected yesterday after the index surged for four straight days.

“The index finally corrected after surging for four straight days as it closed in the red at 7,804.03. The index initially fell by as much as 50 points at its intraday low, before being bought up at the close. While value turnover amounted to P7.2 billion, best to scrutinize this as P600 million were blocks, while around P3 billion were cross transactions,” said Gio Perez of P2P Trade On line.

LT Group (down 3.3 percent), Metropolitan Bank & Trust Co. (down 3.1 percent), and Globe (down 2.3 percent) had the largest losses of the day.

Jollibee Foods Corp., Ayala Corp. and BPI had the highest net foreign selling prints of P144 million, P91 million and P59 million respectively.

Perez said it seems like the index’s current level is proving to be a resistance, so it still remains to be seen if it will finally be broken.

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