Share prices succumb to profit taking

MANILA, Philippines - Stocks closed lower yesterday, snapping a three-day uptrend as the market succumbed to profit taking, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) closed lower by 2.01 points, or 0.02 percent, to settle at 7,106.79.

On the other hand, the broader All-Shares index gained 4.30 points, or 0.11 percent, to settle at 4,063.40.

Analysts said a number of investors took profits immediately as it’s still not clear when the prevailing volatility at the local stock market would end.

SB Capital president Emilio Federico C. Galang said nobody knows for sure what direction the market would take amid the prevailing volatility.

But at the same time, he said this is nothing like the 1997 Asian financial crisis.

“I think the economy…has distanced itself (from the global uncertainties). We’ve received credit upgrades,” he said.

Galang also said a lot of companies are still keen on listing at the local bourse, with around four to five IPO hopefuls expected to brave the market in the latter part of the year throughout 2016.

During yesterday’s trading, San Miguel Corp., Petron and the LT Group closed higher while telecoms Philippine Long Distance Telephone Co. and Globe were among yesterday’s losers.