Index tumbles on profit taking

MANILA, Philippines — The stock market retreated yesterday as investors took profits due to the absence of market catalysts and political uncertainties in the US, analysts said.

The benchmark Philippine Stock Exchange index (PSEi)slipped by 79.73 points, or 1.03 percent, to finish at 7,653.94.

Likewise, the broader All Shares index decelined by 29.14 points, or 0.63 percent, to end at 4,558.95.

All indexes were down as well with the holding firms and industrial sectors as the biggest decliners .

Total value turnover reached P12.6 billion. Market breadth was negative with 102 losers and 67 gainers, while 63 issues were left unchanged.

Traders said the impeachment of President Trump contributed to the uncertainties.

“Lack of onshore catalysts and political uncertainties in the US dragged down the local market. Conglomerates lead a broad base decline with losers edging gainers 102 to 67. Asian markets were mixed following US President Trump’s impeachment by the House of Representatives,” Philstocks Financials said.

Chris Mangun of AAA Securities said heavy foreign selling continued to characterize the market.

“Trading volumes were slightly higher than the usual with turnover value at P5.93 billion excluding block sales. We saw a pick up in foreign outflows again today with net-selling at P2.05 billion. If the PSEi continues lower, we may see it end the week with one of its worst weekly performances for the whole year. Fear continues to grip investors especially foreign investors. Support remains at 7,500,” he said.