Share prices end week in the red

MANILA, Philippines — Local stocks closed the week in the red, reversing advances made earlier in yesterday’s session as investors cashed in on recent gains.

The Philippine Stock Exchange index or PSEi ended at 6,906.86, down 44.44 points or 0.64 percent, while the broader All Shares index slipped 16.33 points or 0.38 percent to close at 4,338.52.

Market breadth was positive, 105 to 83, while 46 issues did not move.

Traders said while the market performed stronger earlier in the day, the bears prevailed in the latter part as some investors decided to take some profits.

“Last minute profit taking sent the local market lower by 44.44 points (0.64 percent) to 6,906.86. Prior to the last minute selloff, the market was in the green territory, reaching as high as 7,076.01 due to the positive spillovers from Wall Street,” said Philstocks Financial.

Nevertheless,  trading was strong with net value turnover amounting to P13.48 billion, above the year-to-date average of P7.22 billion.

During yesterday’s session, foreigners were net buyers with net inflows amounting to P1.47 billion.

Around Asia, stocks were mixed as investors waited for US jobs data that might influence a Federal Reserve decision on when to roll back stimulus after legislators in Washington averted a possible government debt default.

Investors were waiting to see whether US hiring in September was strong enough for Fed officials who are discussing when to withdraw bond purchases and other stimulus that is boosting stock prices but say they want a healthy job market.