Profit taking dampens Phl stocks

MANILA, Philippines - Profit taking snapped the three-day rally of local stocks, with the bellwether index slipping back to the 6,500-point territory.

The Philippine Stock Exchange index slipped 0.16 percent or 10.27 points to 6,597.56, while the broader all shares index dropped 0.11 percent or 4.46 points to 3,979.91.

Justino Calaycay Jr., an analyst at Accord Capital Equities Corp., said the main index deviated from its neighbors as investors booked gains.

“Taken with the sustained strong numbers and continuing, even improving, rosy outlook for the domestic economy, Philippine shares are expected to maintain a northern heading, even as it suffers from days of selling instigated by profit-taking and peer-tracking,” Calaycay said.

Asian stocks climbed yesterday following the reopening of the US government and the resolution of the debt ceiling.

Locally, most counters were in the red, paced by the service sector that fell 0.68 percent or 13.61 points to 2,003.11. The gainers were led by industrial firms that advanced 0.47 percent or 43.84 points to 9,447.79.

Turnover value slightly dropped to P7.98 billion from P8.04 billion on Friday. Decliners narrowly outpaced advancers, 77 to 70, while 46 stocks did not change.

Active shares were in the negative territory, led by index heavyweight PLDT (-0.77 percent) and LT Group Inc. (-2.84 percent). Second most active Ayala Land Inc. bucked the trend as it gained 0.49 percent.