Profit taking snaps PSEi’s winning streak

MANILA, Philippines — The local stock market snapped its seven-day winning streak as investors finally succumbed to profit taking, but managed to keep its hold above the 6,600 level.

The benchmark Philippine Stock Exchange index slipped by 0.21 percent or 14.22 points to cap off the week at 6,611.24.

The broader All Shares index followed suit, declining by 0.34 percent or 12.47 points to 3,641.24.

Luis Limlingan of Regina Capital said the local index closed lower as profit taking emerged following the market’s strong rally over the week.

“With the benchmark nearing overbought levels, investors opted to lock in gains, triggering a pullback that sent the index into negative territory,” he said.

Limlingan, however, saw the decline as a healthy correction, helping stabilize valuations amid sustained optimism about earnings and macroeconomic developments.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi corrected slightly lower due to healthy profit taking after gaining for seven straight trading days.

All sectors finished in the red, except for holding firms, which advanced by 0.87 percent.

The property index was the session’s biggest loser, shedding by 1.52 percent.

Trading was again strong as total turnover value surged to P19.62 billion.

Market breadth was negative as decliners overpowered advancers, 99 to 85, while 77 issues were unchanged.

ICTSI remained the most actively traded stock, ending flat at P718 per share. It was followed by Maynilad, which climbed by 0.92 percent to P22 and Apex Mining, which was also unchanged at P17.50.