Investors cash in, send index lower

MANILA, Philippines — Stock investors continue to cash in on the market’s recent gains, sending the main index in the red anew yesterday.

The benchmark Philippine Stock Exchange index (PSEi) closed 38.90 points or 0.55 percent lower at 7,068.92, while the broader All Shares index slipped 16.81 points or 0.38 percent to finish at 4,403.26.

“The local stock market tracks US indexes and dips further on profit-taking, but stops short of touching the psychological support at 7,000,” AB Capital Securities said in a commentary.

Net value turnover reached P10.87 billion. Market breadth turned negative as losers outnumbered gainers, 111 to 89, while 48 issues were unchanged.

2TradeAsia said stocks are trading sideways as market participants heed for guidance on the IATF’s next move after Oct. 15.

“Some might laud shortened curfew hours, indicating possibilities for improved business operations toward the fourth quarter. The caps, meanwhile, might be driven by release of third quarter earnings, which would include the effects of reimposition of lockdowns. Aim for good consumer spending plays, especially those on essential categories,” it said.

Around Asia, shares closed mixed after an up-and-down day on Wall Street ended with most benchmarks lower as traders waited for updates on inflation and corporate earnings.

Markets have been choppy for weeks as investors try to figure out how economies will continue their recovery, with COVID-19 remaining a threat and rising inflation potentially crimping consumer spending and corporate finances.