Profit taking snaps market’s three-day run

MANILA, Philippines — The local stock market took a breather following a three-day rally, but still managed to stay above the 6,400 territory.

The bellwether Philippine Stock Exchange index (PSEi) slipped by 0.17 percent or 11.2 points to finish yesterday’s session at 6,408.76.

The broader All Shares index likewise inched down by 0.08 percent or 2.75 points, settling at 3,638.38.

Analysts attributed the decline to profit taking, with investors waiting for fresh leads.

RCBC chief economist Michael Ricafort said that yesterday’s correction was considered a healthy profit taking after the PSEi advanced for three straight trading days.

Sectoral gauges were dominated by those in the red, with industrial taking the biggest hit with a 0.56 percent decline.

Mining and oil, meanwhile, continued its climb with a 2.1-percent jump, while services also manage to gain 0.48 percent.

Total value turnover improved slightly to P6.75 billion from the previous day’s P6.64 billion.

Advancers edged out decliners, 104 to 94, while 70 issues were unchanged.

ICTSI was still the session’s most actively traded stock, increasing by 0.64 percent to P630 per share, followed by BDO Unibank and RL Commercial REIT which tumbled by 0.91 percent and 1.37 percent, respectively, to P141.20 and P7.94.

Among index members, JG Summit climbed the highest at 2.88 percent, while Meralco lost the most with a 2.2-percent drop.