Index stays in the red on last-minute selling

MANILA, Philippines — Stocks continued on a downtrend yesterday as investors remained cautious, opting to take profits from the market’s recent runup.

The main Philippine Stock Exchange index or PSEi closed at 6,959.21, down 31.8 points or 0.45 percent.

The sectoral gauges were a mixed bag, with services, industrial and financials ending in positive territory while property, mining and oil and holding firms closed in the red.

A total of P18.73 billion worth of shares changed hands, with decliners edging advancers, 125 to 90, while 51 issues were unchanged.

“The PSEi reversed gains on last-minute selling. The local market rallied as much as 34 points, but gains were cut toward the end of the session and reversed on market-on-close selling. The index was not able to sustain trading in positive territory as investors wait for earnings releases from index issues,” AB Capital Securities said in a market commentary.

Chris Mangun of AAA Southeast Equities added that the PSEi continued lower as investors secured profits from the market’s recent runup.

“Its failure to end above the 7,000 key level last week has signaled investors to start unloading positions as it has always gone lower once this psychological support was breached. Investors are still taking a cautious approach, waiting on changes in government policies regarding mobility and business restrictions,” he said.