MANILA, Philippines — The stock market extended its losses to a third day as investors continued to cash in on recent gains.
The 30-company Philippine Stock Exchange index or PSEi finished at 7,280.57, down 18.77 points or 0.25 percent, while the broader All Shares index slipped 55.59 points or 1.41 percent to 3,878.11.
Market breadth was negative with 127 decliners to 66 advancers, while 49 issues were unchanged.
Lack of local catalysts and profit-taking dragged the main index down, said Ruben Carlo Asuncion, chief economist at Union Bank of the Philippines.
Jonathan Ravelas, chief market strategist at BDO, said the PSEi is having difficulty sustaining the recent rally as the market is looking for stronger catalysts after the earnings season.
Unicapital said the market has earlier established a trading range between 7,000 and 7,400 points, supported by solid corporate earnings and a recovering economy while meeting headwinds of profit taking sentiments.
AB Capital Securities said Converge ICT and Keeper Holdings, which listed its P4.5-billion follow-on offer, dominated the choppy trade, with the index swinging from a loss of more than one percent yesterday.
Foreign investors were also net sellers at P1.82 billion, contributing to the market’s decline.
However, trading was strong at a net value turnover of P8.53 billion, above the year-to-date average of P7.34 billion
Around Asia, stock markets were mostly higher after Wall Street hit a record and Japanese inflation eased.