Index manages to rise despite profit taking

Iris Gonzales (The Philippine Star) - April 8, 2020 - 12:00am

MANILA, Philippines — The stock market pared gains during yesterday’s session as some investors took profits.

The benchmark Philippine Stock Exchange index (PSEi) rose by 79.20 points, or 1.42 percent, to finish at 5,650.01, while the broader All Shares index gained 32.30 points, or 0.96 percent, to end at 3,393.05.

Most of the sectoral indexes went up except for the services and financials sectors. The property, industrial and holding firms led the gainers.

Total value turnover reached P6.36 billion. Market breadth was positive with 125 gainers and 72 losers, while 43 issues were left unchanged.

Traders said market investors are worried over the lack of funds and after President Duterte’s speech Monday night wherein he noted the lack of money for social protection for the poor who are severely affected by the Luzon-wide enhanced community quarantine which was imposed due to the coronavirus disease 2019 or COVID-19 pandemic.

There was some last-minute buying that extended Monday’s rally, but not enough to match it.

Duterte also announced a two-week extension of the quarantine.

“The local market trimmed its Wall Street-inspired gains after failing to hold ground above the 5,700 resistance line. Worries of insufficient public funds against the COVID-19 induced the profit taking. Still the market was able to close higher by 79.20 points or 1.42 percent at 5,650.01. Volume and value turnover registered one billion and P6.36 billion, respectively,” Philstocks Financials said.

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