Index holds above 8,000 even as traders cash out
MANILA, Philippines — The share prices tumbled yesterday as market investors took profits at the last minute, sending the main composite index down by 12.67 points, or 0.15 percent, to 8,141.82.
Volume and value turn-over stood at P3.39 billion and P6.86 billion, respectively.
The financials took the lead yesterday, climbing 1.28 percent while conglomerates lost the most by 0.70 percent.
However, traders said that despite the last minute decline, it’s a good sign that the market was able to close above the 8,100 mark.
2Trade Asia for instance noted that the index has at least almost tested the 8,200 mark before closing flat.
Moving forward, traders said stock market investors would be looking at second quarter and second half corporate earnings to determine the direction next week. This as investors would be looking for stronger market catalysts to determine whether or not they would go back to the market. Corporate earnings results are expected to trickle in next week.
Despite some last minute selling, foreign buying still prevailed throughout the session.
Foreign buying reached P3.8 billion while foreign selling stood at P3.4 billion. Thus, net foreign buying was at P419 million.
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