PSEi slips on last-minute profit taking

MANILA, Philippines — The local stock market ended in the loss column yesterday despite trading higher for most of the day as investors locked in profits late in the session.

The bellwether Philippine Stock Exchange index (PSEi) slipped by 0.43 percent or 27.13 points to close at 6,245.75.

The broader All Shares index also declined by 0.27 percent or 9.32 points to settle at 3,425.03.

Philstocks Financial research manager Japhet Tantiangco said the PSEi closed lower due to last-minute profit taking, following Monday’s significant jump.

“Investors booked gains from the local market’s recent rally which got extended to 6,396.23 intra-day. On a positive note, the market held its position above the 6,150 support level,” Tantiangco said.

RCBC chief economist Michael Ricafort said the PSEi corrected slightly lower and is considered as a healthy correction after gaining for two straight days.

Trading remained strong as total turnover value stood at P11.8 billion.

Sectoral gauges were a mixed bag, with mining and oil posting the biggest gain at 2.67 percent, while financials lost the most with 1.58 percent.

Decliners edged out advancers, 92 to 84, while 64 issues were unchanged.

ICTSI was the session’s top traded stock, rising by 1.05 percent to P960 per share, followed by BDO Unibank and Ayala Land which plunged by 3.46 percent and 3.7 percent, respectively, to P128.40 and P13.

Meanwhiie, Asian equities extended their rally yesterday fuelled by the peace deal between the United States and Iran.

The euphoria that swept trading floors at the start of the week continued to propel buying amid relief at the end of a three-month conflict that sent shockwaves through energy markets and global inflation soaring.