MANILA, Philippines - The local stock market snapped its three-day winning streak yesterday as profit taking ensued after the benchmark index touched the 8,000 level.
The Philippine Stock Exchange index (PSEi) fell 0.86 percent, or 68.56 points, to finish at 7,904.34 as investors continued their search for a strong catalyst.
The PSEi reached as high as 8,001.59 during the trading day, before eventually slipping until the day’s close.
The broader All Shares index followed suit, declining 0.77 percent, or 37.13 points, to end at 4,738.83.
“Investors could not find enough impetus for the market to break past 8,000 once again as it touched the intraday high and succumbed to profit taking. Funds were also looking for clues on policy paths,” Regina Capital managing director Luis Limlingan said.
Local counters were covered in red, with only mining and oil counter managing to finish in the positive territory with a 0.18 percent gain.
Holding firms and property, meanwhile, lost 1.29 percent and 1.18 percent, respectively.
Decliners outnumbered advancers, 131 to 63, while 65 stocks did not change.
Value turnover, however, picked up to P8.21 billion from P7.89 billion the previous day.
The local stock market’s performance Thursday was the opposite of most Asian markets which finished higher.