Profit-taking snaps index’s 3-day rally

The main 30-company Philippine Stock Exchange index shed 37.94 points or 0.57 percent to close at 6,547.27, while the broader All Shares index slipped to 4,042.57, down 17.02 points or 0.41 percent.
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MANILA, Philippines — Stocks took a U-turn yesterday after steadily rallying for three consecutive sessions as investors opted to take profit from the market’s recent gains.

The main 30-company Philippine Stock Exchange index (PSEi) shed 37.94 points or 0.57 percent to close at 6,547.27, while the broader All Shares index slipped to 4,042.57, down 17.02 points or 0.41 percent.

Decliners outnumbered advancers, 108 to 80, while 34 issues were unchanged.

“Market takes a breather after recent runup. However, net foreign buying continued for the fourth day as second quarter earnings results continue,” AB Capital Securities said in a commentary.

Philstocks Financial analysts Japhet Tantiangco said selling pressure dominated the market as investors took profits out of its preceding three-day rally.

However, he noted that trading remained tepid, with net value turnover posting P4.77 billion, below the year-to-date average of P7.25 billion.

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Overall, he said investors are still worried over lingering COVID-19 related concerns.

“This is as many investors still choose to stay out of the market amid the lingering uncertainties in our COVID-19 situation,” Tantiangco said.

Around Asia, stocks were mixed as traders awaited more guidance on the US economic recovery.

Concerns have also been mounting around the coronavirus Delta variant’s spread in the US, Europe and Asia, and particularly in China, which is on high alert as it confronts hundreds of fresh cases.

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