Philippine stocks tumble on profit taking

MANILA, Philippines — Local share prices failed to sustain their strength due to profit taking, sending the benchmark Philippine Stock Exchange index (PSEi) 44.43 points or 0.70 percent lower at 6,265.14

Likewise, the broader All Shares index slipped to 3,339.68, down by 19.02 points or 0.57 percent.

Regina Capital’s Luis Limlingan said Philippine shares succumbed to profit taking as investors locked in gains before the end of November.

Total value turnover reached P5.8 billion. Market breadth was negative with 106 losers and 70 gainers while 34 issues were unchanged.

Overseas, shares were trading mixed although a strong report on US consumer confidence and hopes the Federal Reserve is finished with its aggressive interest rate hikes sent shares higher on Wall Street.

Japan’s benchmark Nikkei 225 declined by 0.3 percent to finish at 33,321.22. Australia’s S&P/ASX 200 gained 0.3 percent to 7,035.30. South Korea’s Kospi shed nearly 0.1 percent to 2,519.81. Hong Kong’s Hang Seng dropped by 2.1 percent to 16,993.44, while the Shanghai Composite fell 0.6 percent to 3,021.69.

Heavy selling of Chinese technology and property shares pulled benchmarks lower. Food delivery company Meituan’s Hong Kong-traded shares dropped 11 percent after it forecast its revenue will fall in the current quarter. Troubled property developer China Evergrande sank 10 percent following reports that its property services group was suing the parent company to recover deposit guarantees.

Oil prices were little changed ahead of a meeting of OPEC members set for Thursday.

“OPEC+ is struggling to reach an agreement to extend production cuts, leaving the oil market in flux, Matthew Weller of Forex.com said in a report. “While not the most likely scenario, a collapse in talks could take oil prices to multi-month lows.”

Benchmark US crude edged up seven cents to $76.48 a barrel in electronic trading on the New York Mercantile Exchange. It gained $1.55 to $76.41 a barrel on Tuesday.

Brent crude added eight cents to $81.76 a barrel.

Investors are closely watching economic updates this week for more clues about how consumers feel and whether the rate of inflation is still easing.