Market tumbles on profit taking

MANILA, Philippines — The local stock market’s two-day climb was cut short yesterday after investors engaged in profit taking.

The Philippine Stock Exchange index shed 0.99 percent or 59.97 points, closing the session at 5,984.20.

The broader All Shares index also declined by 0.66 percent or 22.05 points to end at 3,334.11.

“The local market pulled back as investors took profits following two straight days of rallying. This comes as Iran stated that it has no intention of holding talks with the US, blurring the possibility of the two reaching a resolution,” Philstocks Financial research manager Japhet Tantiangco said.

All counters were in the red, except for mining and oil which rose by 1.14 percent.

Financials was the biggest loser, dropping by 1.36 percent, followed by property which fell by 1.28 percent.

Total turnover value reached P7.88 billion, slightly higher from the previous day’s P7.35 billion.

Market breadth was negative, with decliners overpowering advancers, 100 to 78, while 71 stocks were unchanged.

ICTSI was the session’s most actively traded stock, down by 1.21 percent to P696 per share, followed by BDO and Metrobank which plunged by 1.31 percent and 2.21 percent, respectively, to P120.40 and P66.30.