Stocks snap 6-day win streak

MANILA, Philippines — The stock market snapped its six-day winning streak yesterday as investors opted to pocket gains.

The benchmark Philippine Stock Exchange index plunged by 1.02 percent or 69.15 points to end at 6,700.49.

The broader All Shares index settled at 3,525.94, down by 0.49 percent or 17.34 points.

Philstocks Financial research and engagement officer Mikhail Plopenio said the local market dropped as investors took profits after a six-day rally.

“Investors booked gains ahead of the Federal Reserve’s meeting to avert risks regarding the Fed’s decision,” Plopenio said.

“The bourse struggled to have a clear direction early in the day before heavy selling occurred near the closing bell. This reflected the cautiousness of the investors throughout the session,” he said.

Plopenio said net market value turnover was quite strong yesterday at P5.07 billion, higher than the year-to-date average of P4.98 billion.

He said foreigners were net sellers with net outflows amounting to P16.58 billion, primarily attributed to the block sale of Bloomberry shares.

Local counters were covered in red, with property suffering the biggest decline of 1.99 percent, followed by services, which fell by 1.15 percent.

However, market breath remained positive as advancers edged out decliners, 110 to 87, while 51 issues were unchanged.

GT Capital topped the index members with a 4.66 percent gain, while SM Prime dropped the most with 2.95 percent.

There will be no trading on the PSE today in observance of Labor Day.