Share prices slide on profit taking

MANILA, Philippines —  The local stock market fell back into negative territory as investors decided to pocket recent gains.

The bellwether Philippine Stock Exchange index capped off yesterday’s session at 6,471.25, down by 0.42 percent or 27.57 points.

The broader All Shares index followed suit, slipping by 0.34 percent or 12.31 points to settle at 3,594.22.

“Local equities hit a snag, failing to hop over the 6,500 hurdle as investors opted to book profits, while waiting for a fresh catalyst to justify buying at higher levels,” AP Securities Inc. said.

Most sectors were in the red, with property taking the biggest hit after shedding 1.83 percent.

Mining and oil and services, meanwhile, posted gains of 2.49 percent and 1.83 percent, respectively.

Total turnover value thinned to P6.89 billion from P9.17 billion the previous day.

Decliners pummeled advancers, 122 to 78, while 65 shares did not change hands.

ICTSI was still the session’s most actively traded stock, climbing by 2.84 percent to P689 per share, followed by BDO, which was unchanged at P139.50 and SM Investments, which slipped by 0.57 percent to P698.

Meanwhile, Asian stocks rose to a record high yesterday, while the dollar firmed against most currencies except the yen after a surprisingly strong US jobs report dented near-term rate cut expectations, setting the stage for inflation data today.

Markets in South Korea and Japan  hit all-time peaks, lifted by the technology sector. That lifted MSCI’s broadest index of Asia-Pacific shares  to another record. The index was 0.7 percent higher, taking its gains in the first six weeks of the year to about 13 percent.